At the second China-Korea Trade and Investment Expo on October 30, South Korea’s LG Group once again invested 800 million US dollars to build AFV batteries and auto parts projects in Nanjing, which became the most dazzling foreign invested project in Nanjing since the COVI-19 pandemic this year.
LG Group has has been accumulating investment in Nanjing since 1995, with a cumulative investment of more than 7.5 billion U.S. dollars, and a total of 20,000 workers in 8 landing enterprises so far.
As a key step in LG Chem’s deployment in the field of new energy vehicle batteries, LG Chem’s Nanjing plant is the world’s third automotive power battery production base after its Ochang plant in South Korea and Holland plant in the United States. It will also be the world’s largest production base for LG Chem. An important power battery production base.
In addition, the LG Group has also established a joint venture with a state-owned company in Nanjing to establish LG Chemistry, which is also the group’s only overseas joint venture company engaged in the production of automotive power batteries. In the first half of this year, LG Chem’s battery business reached the world’s largest market share, and the Nanjing plant was not affected by the epidemic.
LG is accelerating its overall deployment in the new energy vehicle industry. LG Electronics invested 300 million U.S. dollars to build production bases for more than 10 new energy vehicle core components such as automobile motors, converters, central control displays, radars, etc. in Nanjing Economic Development Zone this year. Its main customers include GM, Volkswagen, BMW and other internationally renowned vehicles. After the project is completed, the company’s annual sales can reach 7 billion yuan.
In the first quarter of this year, the business of the original Suzhou factory of LG Electronics’ new energy auto parts was adjusted to Nanjing Economic Development Zone; in the first three quarters, the output value of Nanjing Lejin Auto Parts Company ushered in an explosive growth of 400%… From power batteries, core components to vehicle displays, Nanjing’s LG has become one of the most important core sectors of the LG Group’s global business.
