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)