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LG Chem, producer of lithium-ion batteries for hybrid electric vehicles (EVs), was named Corporation of the Year at the 19th annual General Motors Supplier of the Year awards.
This is the first time for a Korean firm to win the top GM prize, LG Chem spokesman Song Choong-sup said, Sunday.
``The award also recognizes LG Chem as the most trust-worthy among 20,000 parts suppliers,’’ Song said.
LG Chem. is currently supplying its lithium-ion batteries to GM’s strategic Volt EVs.
``LG Chem’s lithium-ion batteries play a pivotal role in the production of the Volt automobile. The award shows the U.S. carmaker’s recognition of our innovative and cooperative partnership,’’ the company CEO Kim Bahn-suk said in a press release.
In January, 2009, LG beat a Germany-U.S. consortium to win the GM battery deal. It has been supplying the key component to GM on an exclusive basis since late last year.
Including GM, LG Chem has secured contracts with 10 leading automakers such as Ford, Renault and Hyundai-Kia.
LG is planning to build a new electrolyte production plant in Holland, Mich., which will go into operation in 2012.
The new facility will be located near LG Chem’s $303 million, 600,000 square-foot battery cell plant also under construction with a $151.4 million grant from the U.S. Department of Energy, officials said.
Daiwa Securities, a Japanese brokerage firm, has raised its target for LG Chem to 480,000 won from 430,000 won.
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