LG Chem lifts battery sales, investment targets

OCHANG, South Korea April 6 (Reuters) - South Korea's LG Chem raised on Wednesday its sales target for electric car batteries by a third to 4 trillion won ($3.7 billion) in 2015 and doubled investment plans for the booming product to 2 trillion won by 2013 to reflect strong order growth.

The investment will enable LG Chem, which supplies batteries for General Motors' Volt plug-in hybrid, to quadruple its production capacity to more than 350,000 cars, from 100,000 this year, the company said.

LG Chem, one of leading suppliers of car batteries, has secured battery supply deals with 10 carmakers so far, including GM, Ford , Hyundai Motor Group and Renault . ($1 = 1087.500 Korean Won) (Reporting by Hyunjoo Jin; Editing by Matt Driskill)