LG Chem to invest $794 Million in Car Battery Plant

Plant LG Chem, South Korea's largest chemicals maker, said it would invest one trillion won ($794.4 million) in a new electric-car battery plant over the next four years despite the financial troubles facing key customer General Motors. LG Chem aimed to derive total revenue of two trillion won from its battery business in 2015, or a 20 % share of the projected 10 trillion won global market, it said. The chemicals maker said it expected the number of electric cars on the road to swell to 4.6 million in the same period. The new battery plant will be set up in Ochang, south of Seoul.