GE Orders for Chevy Volt May Mean More Business for LG Chem

LG Chem currently supplies cells to eight customers in North America, Europe and Asia.

Published: 14-Nov-2010

OCHANG, South Korea -- South Korea's LG Chem Ltd. (051910.SE) may provide more car batteries to General Motors Co. in addition to an existing supply contract as demand for electric vehicles seems to be rising, the company's senior battery executive said Friday in a press briefing.

"Given General Electric's announcement to initially buy 12,000 Chevrolet Volts, made by GM, starting in 2011, out of its planned purchase of a total 25,000 electric vehicles by 2015, we hope to supply additional car batteries for Volt," Ham Jae-gyung, senior vice president of LG Chem's Advanced Battery Division, told reporters in a briefing.

LG Chem currently has eight customers to which it is supplying or will supply lithium ion polymer car batteries. They include GM, Ford Motor Co. (F), Volvo AB (VOLVY, VOLV-B.SK), Renault S.A. (RNO.FR), Hyundai Motor (HYMLY, 005380.SE), and China's CHANA.

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