LG Chem Becomes World’s Biggest Battery Supplier
Buried in a press release announcing that LG Chem will be the battery supplier for the next-generation Smart Fortwo electric car is this statement:
“According to ‘Most Valuable Automobile Brands 2014’ released by Brand Finance, a brand valuation and strategy consultancy, the top 20 brands are Volkswagen, Ford, Hyundai, Renault, Audi, Chevrolet, Kia, Daimler and GM. All of these automakers use LG Chem’s batteries for EV application. By signing a supply contract with Daimler, LG Chem has become the world’s biggest automotive battery supplier, having at least 13 global automakers among the top 20 global brands.”
World’s biggest intends to become even bigger in the future. That will be especially true when the LG Chem powered Chevrolet Bolt launches:
“LG Chems’s battery improvements to make it possible to for GM to create the low-cost EV include better durability and electrical controls. Also, LG will use more of the available storage capacity in the cell than it does on the Volt.”
“We have progressed far enough that it gives us a high level of confidence that in the 2017 kind of a time frame, there are no show stoppers or gotchas that we don’t know how to get over,” Prabhakar Patil, the chief executive of LG Chem Power Inc., the U.S.-based battery arm of the Korean electronics giant, said in an interview.”
As an automaker these day, if you’re name is not Tesla or BMW, then it’s likely your signing a contract with LG Chem to supply batteries to power your electric.