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South Korean electric vehicle battery maker LG Chem has announced that it has increased its 2020 production target from 70 GWh to 90 GWh, an increase of about 29%.
"If produced by capacity, LG Chem's LIB (lithium-ion battery) production and raw material consumption will be greater than the entire LIB market in 2015," industry insiders commented
.
Overall, the significant increase in production capacity in 2020 reflects the growing awareness that electric vehicles are competitive today, which has led to an increasing number of models as well as increased battery purchases
by large automakers.
In addition, the rising number of electric vehicle startups that need to get batteries from somewhere once they are ready for production, LG Chem's move is undoubtedly meeting the needs of
the potential market.
South Korean electric vehicle battery maker LG Chem has announced that it has increased its 2020 production target from 70 GWh to 90 GWh, an increase of about 29%.
"If produced by capacity, LG Chem's LIB (lithium-ion battery) production and raw material consumption will be greater than the entire LIB market in 2015," industry insiders commented
.
Overall, the significant increase in production capacity in 2020 reflects the growing awareness that electric vehicles are competitive today, which has led to an increasing number of models as well as increased battery purchases
by large automakers.
In addition, the rising number of electric vehicle startups that need to get batteries from somewhere once they are ready for production, LG Chem's move is undoubtedly meeting the needs of
the potential market.
