LG Chem Signed to Supply Lithium Ion Batteries for Volvo Cars
A recent report stated that LG Chem will be supplying lithium ion batteries for the electric vehicles manufactured by Volvo Cars Corporation, the Swedish arm of Ford Motor Company. However, the company did not disclose exactly when they will be providing these battery packs. LG has already been signed up to provide batteries for five companies in their electric car ventures.
These companies include Hyundai Motor, which is South Korea’s top electric vehicle seller; CT&T, another Korean electric vehicle manufacturer; Chan’an Automobile Group which is China’s third largest automobile manufacturer; Eaton Corp. which is an American components maker for commercial vehicles; and US car manufacturer General Motors.
Peter Bahnsuk Kim, the vice chairman of the South Korean company, stated the LG is anticipating the move of four more companies to get them as the primary supplier of batteries for their electric vehicles. By July of this year, LG Chem will also start the construction of an electric vehicle battery plant in Michigan, USA. This plant will be used to mass produce EV batteries which should meet the anticipated demand by 2012.
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