LG Chem To Supply Lithium-Ion Batteries To SAIC & Qoros
Interesting news is pouring in from Asia these days. According to Reuters, LG Chem recently secured in China orders to supply batteries for electric vehicles made by SAIC Motor Corp and Qoros.
There are no details, beside that four OEMs from China (including these two) ordered from LG Chem batteries for more than 100,000 EVs. The Korean battery manufacturer expects that this would lead to hundreds of millions of dollars in revenue once production begins.
Additionally, LG Chem plans to establish a joint venture in China in the second half of this year to produce batteries locally.
“We are in the final process of deciding our JV partner in China and once the decision is made, we plan to pick the site after discussions.”
More government incentives and the rush to New Energy Vehicles probably will change the situation in China in couple of years as the official goal is to put 500,000 EVs on the road by 2015 and 5 million by 2020.