LG Chem to double battery production

LG Chem to double battery production
The battery division of the South Korean company LG Chem gained structural independence this week, and its plans to further capture the market of components for electric vehicles are also Napoleonic. To meet the needs of Tesla as much as possible, the Korean supplier expects to double the volume of battery production.

In any case, this is reported by Reuters with reference to informed sources. The LG Chem plant in Nanjing, China, will soon increase the number of production lines from eight to seventeen in order to provide its batteries for the Shanghai-built Tesla Model Y crossovers that will enter the Assembly line in the coming year. Korean-made batteries are already being delivered to the Tesla plant in the United States, and Chinese LG Chem batteries can also be used on the Assembly line of the German company Tesla in Berlin, which will begin assembling electric vehicles next summer. In the future, Tesla expects to start producing batteries in Germany, but for the first time they will be supplied by LG Chem from China.

Panasonic is also connected to the supply of the Shanghai Tesla enterprise, since there are not enough traction batteries at the current rate of expansion of electric car production. However, in the case of the Chinese-built Tesla model Y crossover, the entire need for batteries should be covered by LG Chem, at least at the first stages. Competing CATL and Panasonic supply their batteries to Chinese-built Tesla Model 3 sedans.

By 2022, the volume of production of Tesla model Y crossovers in China can be brought to 250 thousand units per year, so a lot of batteries will be required. LG Chem will be able to provide up to 323,000 electric vehicles with batteries annually using its Chinese enterprise. Initially, Tesla planned to sell Shanghai-built electric cars only in China, but this quarter began exporting them to Europe.
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