July 25, 2019 / 3:38 PM / 4 months ago

China's Fulin drops plan to build battery parts in Chile - Corfo

SANTIAGO, July 25 (Reuters) - China’s Sichuan Fulin Transportation Group Co has ditched a project to build parts for electric vehicles in Chile, development agency Corfo said on Thursday, leaving in tatters a nascent EV battery industry in the South American nation.

Fulin and two other corporate investors won a 2018 government auction for a coveted, 27-year supply of ultralight battery metal lithium. In exchange, the companies said they would build battery parts factories in the north Chilean desert.

But those plans began to fall apart last month, when South Korean steelmaker Posco said it was dropping out of a joint venture with electronics giant Samsung SDI to build a factory in Chile. The third winner, Chilean chemical company Molymet, has ditched its project as well. (Reporting by Dave Sherwood Editing by Chizu Nomiyama)

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