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LG Chem to spend $1.07 billion on expanding battery plants in China

South Korea’s LG Chem said on Thursday that it plans to invest a total of 1.2 trillion won ($1.07 billion) to expand its two battery plants in China by 2020 in a bid to meet rising global demand.

Under the investment plan, LG Chem will spend 600 billion won each at an electric vehicle battery plant and a small-sized battery plant in Nanjing, the company said in a statement.

Last year, the South Korean battery maker announced a plan to invest about 2 trillion won to build a second electric car battery plant by 2023 in Nanjing.