China’s Shandong province plans $14bn lithium battery industry by 2025

China’s Shandong province plans to develop a 100 billion yuan ($13.8 billion) lithium battery industry by next year, a local government notice showed on Monday.

Shandong, in China’s east, aims to build an industrial chain covering electrode materials, electrolytes, battery cells and assembly, the notice showed.

The plan includes expanding the category of consumer batteries, improving quality and performance, and strengthening research and development.

The provincial government will support the cities of Jinan and Qingdao to develop companies engaged in raw material production and battery assembly based on the needs of regional new energy vehicle makers.

It will also support cities such as Zaozhuang and Jining in lithium battery manufacturing and energy storage projects.

($1 = 7.2680 yuan)

(Reporting by Liz Lee and Beijing newsroom; Editing by Kim Coghill and Christopher Cushing)