Add another automaker to the supplier list of LG Chem as Hyundai Mobis has announced that the two companies agreed to a joint venture to produce lithium-ion batteries for upcoming hybrid models.
The agreement between Hyundai Mobis and LG Chem is a $34 million joint venture. The two groups will begin operating jointly in the later part of next year. Together they will produce as many as 200,000 lithium-ion battery packs yearly with the anticipated application of Hyundai hybrids.
LG Chem has several joint ventures and supplies batteries to numerous automakers. They are the supplier for the Chevy Volt as well as Hyundai Motors, a company owned by Hyundai Mobis.
The recent agreement with Hyundai Mobis extends the companies previous partnership with LG Chem. LG Chem supplies batteries for existing Hyundai hybrids such as the Elantra and Kia hybrids, but this latest agreement assures support for future hybrids from the Hyundai Mobis conglomerate.
LG Chem has been expanding its production facilities at a steady rate. Earlier this year they began construction of a new lithium-ion polymer production facility which will supply batter cells for both the Volt and Hyundai models. With increasing production capabilities and additional partnerships, LG Chem looks to lead the way in li-ion technology.