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LG Chem lifts China battery investment by $1bn, eyeing exports

Company looks to Western electric-car markets as Beijing favors local suppliers

A courier charges an electric car on a street in Prague. LG Chem looks to turn its Chinese battery plant into a supply base for electric vehicles in the U.S. and Europe.   © Reuters

SEOUL -- LG Chem will invest an additional 1.2 trillion won ($1.07 billion) to increase battery production capacity in the Chinese city of Nanjing, accelerating plans to create an export base for Europe and the U.S., the company said Thursday.

The move comes as the South Korean company struggles to break into China's market for electric-vehicle batteries owing to policies that favor domestic suppliers.

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