ID :
40456
Tue, 01/13/2009 - 17:13
Auther :
Shortlink :
http://m.oananews.org//node/40456
The shortlink copeid
LG Chem to provide batteries for GM's electric car
(ATTN: ADDS more details from para 3)
By Nam Kwang-sik
SEOUL, Jan. 13 (Yonhap) -- LG Chem Ltd., South Korea's leading producer of
chemicals, said Tuesday it has signed a deal with top U.S. automaker General
Motors Corp. to supply batteries for its plug-in electric car.
Under the deal, LG Chem will supply lithium-ion polymer batteries for GM's
Chevrolet Volt from Nov. 1, 2010, until the end of 2015, the company said in a
regulatory filing.
LG Chem will spend about 1 trillion won (US$700 million) until 2013 to produce
the batteries, the company said.
The Volt uses an electric motor for propulsion and is being designed to run 40
miles on a single battery charge. Beyond that range, the car uses a gasoline
engine that drives a generator to produce electric power.
LG Chem will also provide the batteries to leading South Korean automaker Hyundai
Motor Co. and affiliate Kia Motors Corp., which plan to begin production of
hybrid electric vehicles (HEV) in the second half of this year.
HEVs are vehicles powered simultaneously by batteries and fuel to achieve better
fuel economy than a conventional car.
LG Chem produced a prototype of the lithium-ion polymer battery in June of last
year. Four months later the company announced its plan to invest 145.8 billion
won to complete expansion of its battery production plant in Ochang, 95
kilometers south of Seoul, by August this year.
South Korean companies LG Chem and Samsung SDI Co. have been developing
lithium-ion batteries for HEVs, which have a larger output than nickel hydrogen
batteries.
Samsung SDI, the world's third-largest producer of rechargeable batteries, signed
a deal with Germany's Bosch Corp. in mid-June of last year to form a 50-50 joint
venture to develop batteries to be used in HEVs. The joint venture, called SB
LiMotive, is scheduled to start commercial production of HEV batteries in 2010.
The global HEV and electric vehicle market is expected to grow by an average of
47 percent annually, reaching $2.3 billion in 2012 from $510 million in 2008, LG
Chem said.
ksnam@yna.co.kr
(END)
By Nam Kwang-sik
SEOUL, Jan. 13 (Yonhap) -- LG Chem Ltd., South Korea's leading producer of
chemicals, said Tuesday it has signed a deal with top U.S. automaker General
Motors Corp. to supply batteries for its plug-in electric car.
Under the deal, LG Chem will supply lithium-ion polymer batteries for GM's
Chevrolet Volt from Nov. 1, 2010, until the end of 2015, the company said in a
regulatory filing.
LG Chem will spend about 1 trillion won (US$700 million) until 2013 to produce
the batteries, the company said.
The Volt uses an electric motor for propulsion and is being designed to run 40
miles on a single battery charge. Beyond that range, the car uses a gasoline
engine that drives a generator to produce electric power.
LG Chem will also provide the batteries to leading South Korean automaker Hyundai
Motor Co. and affiliate Kia Motors Corp., which plan to begin production of
hybrid electric vehicles (HEV) in the second half of this year.
HEVs are vehicles powered simultaneously by batteries and fuel to achieve better
fuel economy than a conventional car.
LG Chem produced a prototype of the lithium-ion polymer battery in June of last
year. Four months later the company announced its plan to invest 145.8 billion
won to complete expansion of its battery production plant in Ochang, 95
kilometers south of Seoul, by August this year.
South Korean companies LG Chem and Samsung SDI Co. have been developing
lithium-ion batteries for HEVs, which have a larger output than nickel hydrogen
batteries.
Samsung SDI, the world's third-largest producer of rechargeable batteries, signed
a deal with Germany's Bosch Corp. in mid-June of last year to form a 50-50 joint
venture to develop batteries to be used in HEVs. The joint venture, called SB
LiMotive, is scheduled to start commercial production of HEV batteries in 2010.
The global HEV and electric vehicle market is expected to grow by an average of
47 percent annually, reaching $2.3 billion in 2012 from $510 million in 2008, LG
Chem said.
ksnam@yna.co.kr
(END)
