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| Workers check a battery cell at the LG Chem's plant in Ochang, North Choongcheong Province, Monday. / Courtesy of LG Chem |
By Bahk Eun-ji
LG Chem said Monday that it has signed a deal with Daimler AG to supply lithium-ion batteries for the automaker's new range of Smart electric vehicles (EV) that will be launched in 2016.
Daimler is the manufacturer of premium brand Mercedes-Benz.
LG Chem did not disclose the specific amount of the deal, but said its batteries will be installed into Daimler's new model of compact electric vehicle brand, Smart.
The electric vehicle, the Smart mini car, is renowned for its agility on city roads, safety and differentiated design. More than 100,000 of the vehicles sell each year.
Last year, Daimler said it would halt production of its in-house battery cells and use LG Chem cells instead for its electric and hybrid vehicle batteries.
LG Chem was invited to the "Supplier Day" hosted by Daimler in Stuttgart, Germany, in February. The company was the only lithium-ion battery maker invited to participate at the event.
Based on this experience, LG Chem plans to supply batteries that can cope with the prestigious brands such as Daimler with the highest output of energy ― a battery that has the best driving performance while running in electric vehicles.
"LG Chem's battery business and technology have been globally acknowledged once again as our products are continuously being installed by major automobile makers from their commodity brands to premium vehicles," said LG Chem President Kwon Young-soo.
"With our differentiated technology, LG Chem will continuously lead the EV battery market so that the company can become the symbol of electric vehicles."
LG Chem is also the electric vehicle supplier for General Motors and Renault SA. The EV battery market is expected to grow to an estimated $18.24 billion by 2020, according to B3, a Japanese market research firm specializing in lithium-ion batteries.
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