LG Chem Ltd., South Korea's largest chemicals company, plans to spend US$450 million on a plant for electric vehicle batteries in China, local media reported Friday.
LG Chem and its Chinese partners formerly signed a contract to build the factory in the eastern Chinese city of Nanjing on Thursday, with Kwon Young-soo, president of LG Chem's battery division, and Nanjing Mayor Miu Ruilin attending, the Nanjing Daily reported.