June 12, 2019 / 11:35 PM / 14 days ago

S.Korea's LG Chem to team up with China's Geely on EV batteries

SEOUL, June 13 (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 two parties would invest $94 million each in the venture, LG Chem said in a statement.

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. (Reporting by Hayoung Choi; Editing by Stephen Coates)

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