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According to reports, Japanese battery companies are interested in increasing production and seizing market share. LGChem, the leader of automotive lithium-ion batteries in South Korea, is offering fierce measures to protect the market. It is said that the price of LGChem batteries will halve from next year, in order to repel competitors.

On August 11th, sources revealed. The prices of some electric vehicle batteries produced by LGChem in China will be halved next year, in order to preemptively retreat and respond to the significant increase in demand for electric vehicles in China and the United States. LGChem will sell more batteries, and lower prices will not drag down profits. The company stated that its pricing strategy will remain flexible, and prices will be adjusted based on market conditions. Whether to lower prices still needs to be discussed with customers before deciding. LGChem supplies electric vehicle batteries to over 30 car manufacturers worldwide.

LGChem stated that the company's Nanjing factory in China will be put into operation next year, and there is no problem with increasing production. It is estimated that the new factory will produce 100000 sets of electric vehicle batteries annually. The senior management of LGChem stated that the company has been researching and developing materials for a long time, reducing costs, and has begun to show results. Starting from next year, the large battery business is expected to have both profits and losses, and the increase in profits has led them to decide to lower their selling prices.

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