"LG Chem announced its first joint venture with China’s No. 1 automaker Geely Auto Group for the production of electric vehicle batteries, with a plan to secure capacity of 10 gigawatt-hours (GWh) by late 2021. Geely sold 1.5 million cars in 2018 and plans to convert 90% of its commercial automobiles into battery-powered cars from next year. Through this partnership, Geely can grab the stable supplies of high-quality batteries for EVs, while LG Chem can compete openly in the Chinese EV market where there are barriers for foreign battery makers due to the government subsidies granted only for Chinese battery firms. The experience will help LG Chem will gain competitiveness in China’s EV battery market." – Sujeong Lim