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.
