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Hyundai to Form Joint Venture With LG Chem to Produce Automotive Lithium-ion Batteries

 
1 1,883 views August 31, 2009

2010 Hyundai Elantra LPI Hybrid, sold in South Korea only

2010 Hyundai Elantra LPI Hybrid, sold in South Korea only

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LG Chem of Korea is fast becoming one of the world's leaders in the production of lithium-ion batteries for automotive use.  The company has already been sourced to provide the cells for Chevrolet's upcoming Volt due out next year.

Fellow countryman Hyundai is also buying batteries from LG Chem that are already in use in the Elantra LPI hybrid currently on sale in Korea.

Apparently Hyundai Mobis has signed a memorandum of understanding with LG Chem to form a joint venture for production of hybrid and electric car lithium ion batteries. LG Chem expects to invest 1 million won in a new battery factory in Korea and expects 4 million won per year of revenue by 2015.

Other car company battery company ventures include Toyota-Panasonic, Nissan-NEC, and  Mitsubishi-GS Yuasa.

Source (Reuters)





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Comment (1)

  1. By Noel Park Posted: 8/31/2009 1:40pm PDT

    Well I'm not buying a Hyundai in this life or the next, but it sure is a cautionary tale for GM, Ford, and Chrysler (are they still around?). Here they come!
     
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