Oil

S.Korea's LG Chem to team up with China's Geely on EV batteries

Credit: REUTERS/ALY SONG

South Korean battery maker LG Chem Ltd said on Thursday it had signed an agreement to set up a joint venture with China's Geely Automobile Holdings Ltd to produce batteries for electric vehicles.

SEOUL, June 13 (Reuters) - South Korean battery maker LG Chem Ltd 051910.KS said on Thursday it had signed an agreement to set up a joint venture with China's Geely Automobile Holdings Ltd 0175.HK to produce batteries for electric vehicles.

The two parties would invest $94 million each in the venture, LG Chem said in a statement.

The joint venture would have annual production capacity of 10 GWh by the end of 2021, and its products would be supplied to Geely's electric vehicles from 2022.

(Reporting by Hayoung Choi; Editing by Stephen Coates)

((hayoung.choi@thomsonreuters.com; +82 2 3704 5643; Reuters Messaging: hayoung.choi.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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