LG Chem to start production at U.S. car battery plant in July
SEOUL May 6 (Reuters) - South Korean battery maker LG Chem Ltd plans to begin commercial production at its U.S. factory in July and will initially supply its products to General Motors Co's Volt electric vehicles, it said on Monday.
"Volume is expected to consistently increase depending on the electric vehicle market and securing additional contracts," LG Chem said in a statement.
With U.S. government funding worth over $150 million, LG Chem has built a $304 million lithium-ion battery cell manufacturing plant in Michigan, aiming to produce enough battery cells annually to equip 60,000 electric vehicles by the end of 2013.
It has not started production because demand for electric vehicles such as the Volt has been lower than expected. LG Chem supplies electric car batteries for the Volt and Ford Motor Co's Focus Electric from its South Korean facilities, among other customers.
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.