LG signs battery deal with Renault
LG Chem President Kwon Young-soo, right, poses with Thierry Bollore, chief competition officer at Renault Group, after the two companies agreed to jointly develop next-generation car batteries to be used in Renault’s upcoming premium electric vehicles at LG’s headquarters in Yeouido, southern Seoul, Wednesday. / Courtesy of LG Chem
By Kim Yoo-chul
Renault, the world's top producer of electric vehicles (EVs), has agreed with Korea's LG Chem to use LG-developed batteries for its next-generation EVs, LG Chem said Wednesday.
"LG Chem will jointly collaborate with Renault Group for the development of next-generation rechargeable batteries to be used in Renault's new and premium EVs, which will be coming out a few years later," said LG Chem spokesman C.S. Song.
Song said that Renault's upcoming EVs will adopt LG-patented high-density and energy-efficient lithium-ion batteries.
The spokesman declined to unveil additional details such as the guaranteed battery volume LG promised to the French car manufacturer.
Under the agreement, Renault technicians will be coming to LG's battery-manufacturing factory in the local provincial city of Ochang, south of Seoul.
"Two or three more years will be needed to report visible results," the official said.
LG Chem President Kwon Young-soo said the agreement will help the firm stay ahead of its rivals in the heated race for EV batteries.
Kwon said LG Chem will further strengthen its strategic business partnership with Renault.
Renault is one of the most-trusted of LG Chem's battery partners.
While Renault has a battery-making division ― AESC, a joint venture between Nissan and NEC ― the French automaker has been consistent in using LG-developed batteries over the last few years.
LG Chem has been supplying its batteries to Renault's three EV models ― Twizy, Zoe and SM3 Z.E.