South Korea’s Hyundai Mobis parts suppliers (HyundaiMobisCo.) today announced that South Korea’s Hyundai Mobis will LG Chemical Company (LGChemCoLtd) the establishment of a joint venture vehicle with lithium batteries.
Hyundai Mobis said in a statement, the joint venture was named HLGreenPowerCo., Investment of 29 billion won (about 25.1 million U.S. dollars), Hyundai Mobis, and LG Chemical, respectively holding 51% and 49%.
The new plant is located in Seoul, near the Uiwang, plan will be put into production later this year, the estimated annual capacity of 200,000 sets of batteries.
Hyundai Mobis also said that Hyundai Mobis, and LG Chemical in 2014 for the joint venture will be an additional 460 billion won (about 39.6 million U.S. dollars) in investment to the plant’s capacity to expand two-fold, that is, 400,000 sets of Battery