The first phase of the project of Leyou New Energy, a joint venture between LG Chemical and Huayou Cobalt Industry, has been completed.

SMM: according to the news released by the Commerce Bureau of Wuxi High-tech Zone, recently, the completion ceremony of Leyou New Energy Materials (Wuxi) Co., Ltd. with a total investment of 1 billion US dollars was held in Wuxi High-tech Zone.

Leyou New Energy, founded on June 29th, 2018, is a new company jointly invested by LG Chemical and Huayou Cobalt. LG Chemical is the global leader in the field of automotive power batteries, while Huayou Cobalt is the largest raw material cobalt manufacturer in the world. The total investment of the project is about 1 billion US dollars, the registered capital is about 430 million US dollars, the production capacity is planned to be 100000 tons, and the annual output value is 20 billion yuan. The first phase of the completed project can be used to produce power batteries for 600000 high-performance new energy vehicles with a charging mileage of 320km. At present, the construction of the project is smooth, and it is planned to start mass production with a capacity of 5000 tons this month, and it is expected to achieve the target of 45000 tons in the third quarter of next year.

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