Lithium sector is heating up after Tesla Gigafactory announcement and now Asian players are stepping in. As we have discussed before, the real industry players were accumulating quietly Lithium Assets and building new production facilities for years before Tesla has ignited the Lithium Rush again. One thing is for certain Battery Industry insiders are building new production facilities as they see the coming demand - it will require new secure sources of Lithium. We will have to learn the new names like world leading Integrated Professional Lithium Producer Ganfeng Lithium and its partner International Lithium from Canada with Lithium projects in Ireland, Canada And Argentina.
Lithium Stocks Surging On $5B Tesla Gigafactory Plan To Ramp Up Mass-market Electric Car ILC.v TNR.v LIT WLC.to
(Reuters) - Chief executive of LG Chem said that the South Korean company was considering building an electric vehicle battery plant in China, expecting Beijing's efforts to tackle air pollution to drive demand.
Park Jin-soo also said LG Chem, which currently supplies electric-car batteries for General Motors Co's Volt and Renault cars, will double the number of its customers to 20 in the near future.
"We are considering it (the China car battery plant), which should be in line with market demand," Park said at a press briefing on Friday embargoed until Sunday morning.
LG Chem has a factory in Nanjing, China producing small batteries for smartphones and other mobile devices, and Park said the firm is looking at not only Nanjing and other sites for the potential car battery factory.
China's Ministry said last month it will extend a program of subsidies for buyers of electric-powered vehicles after the current subsidy regime, part of efforts to combat pollution in cities, expires in 2015.
The subsidies were designed to help China meet a goal of putting half a million new-energy vehicles, defined as all-electric battery vehicles and heavily electrified "near all-electric" plug-in hybrids, on the road by 2015 and 5 million by 2020.
LG Chem's crosstown rival, Samsung SDI, said in January that it will form a joint venture in China to spend $600 million on building a car battery plant in Xi'an, Shaanxi province, by next year and on other electric car battery-related over the next five years.
(Reporting by Hyunjoo Jin; Editing by Michael Perry)
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