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Mitsubishi Chemical leads charge against China's EV battery giants

Company to boost electrolyte production by 50% to compete for surging demand

Mitsubishi Chemical will pour tens of millions of dollars into global battery electrolyte capacity, including at this British plant. (Photo courtesy of Mitsubishi Chemical)

TOKYO -- Mitsubishi Chemical will lift global production capacity of liquid used in electric vehicle batteries by about 50%, Nikkei has learned, in a move to better compete against Chinese players for a rapidly expanding market fueled by green initiatives around the world.

The Japanese manufacturer will spend billions of yen (1 billion yen equals $9.6 million) to boost production of electrolyte solution for lithium-ion batteries. The funds will be used to upgrade equipment at plants in the U.S., the U.K. and China. Mitsubishi Chemical will raise global annual capacity to 90,000 tons by 2023.

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