LG Chem to supply EV batteries to Chery
LG Chem has negotiated a contract to supply batteries to Chery Automobile Co. for a new electric vehicle that will go into production this year, South Korea's Yonhap News Agency reported.
The Korean battery maker did not indicate how many batteries it will produce, Yonhap noted.
The deal indicates that LG Chem is gaining a foothold in China's fast-growing EV market. According to Yonhap, the company will supply batteries to Chongqing Changan Automobile Co. for its next-generation EV.
Other EV battery customers include Great Wall Motor Co., Dongfeng Motor Corp. SAIC Motor Corp., China FAW Group Corp. and Qoros Automotive Co.,
LG Chem is building a plant in Nanjing that will produce up to 100,000 battery packs a year. The factory will launch production next year.
While China's EV market remains small, it has been growing fast over the last year or so. The central government aims to have 5 million electric cars and plug-in hybrids on the road by 2020.
In the first six months, Chery Automobile posted a 17 percent rise in vehicle sales to 252,439 vehicles. The state-owned carmaker is based in Wuhu in the eastern province of Anhui.
The deal indicates that LG Chem is gaining a foothold in China's fast-growing EV market. According to Yonhap, the company will supply batteries to Chongqing Changan Automobile Co. for its next-generation EV.
Other EV battery customers include Great Wall Motor Co., Dongfeng Motor Corp. SAIC Motor Corp., China FAW Group Corp. and Qoros Automotive Co.,
LG Chem is building a plant in Nanjing that will produce up to 100,000 battery packs a year. The factory will launch production next year.
While China's EV market remains small, it has been growing fast over the last year or so. The central government aims to have 5 million electric cars and plug-in hybrids on the road by 2020.
In the first six months, Chery Automobile posted a 17 percent rise in vehicle sales to 252,439 vehicles. The state-owned carmaker is based in Wuhu in the eastern province of Anhui.
