More automakers involve directly in lithium batteries production.
South Korea's LG Chem to team up with China's Geely on EV batteries
(Reuters) - 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.
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, LG Chem said in a statement.
The two parties would invest $94 million each in the venture, LG Chem said in a statement.
"Through the joint venture, LG Chem has secured a stable structure to provide batteries for electric vehicles to the Chinese market," LG Chem said in a statement.
The South Korean company said it would pursue more joint ventures with other global carmakers.
(Reporting by Hayoung Choi and Hyunjoo Jin; Editing by Stephen Coates)
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