LG CHEM TO PRODUCE BATTERIES FOR LOW-SPEED ELECTRIC VEHICLES
LGCEY | Quote | Chart | News | PowerRating -- LG Chem Ltd. (KSE:051910), South
Korea's largest chemical maker, said Tuesday that it plans to
manufacture batteries for low-speed electric vehicles starting
next year.
LG Chem said it will supply lithium-ion batteries to CT&T, a
South Korean manufacturer of low-speed electric vehicles, also
known as neighborhood electric vehicles (NEV). The
battery-powered cars have a maximum speed of 80km per hour.
Last year, CT&T exported 4,000 units to the United States
for police patrol cars, while it is also pushing ahead with
plans to build 40 small-sized assembly plants for production of
the NEVs in the U.S. by 2012, LG Chem said.
Global demand for the NEVs is expected to reach 500,000
units this year, 1 million in 2012 and 2 million in 2015, LG
Chem said.
LG Chem is currently providing batteries for hybrid electric
vehicles (HEVs) to South Korean carmakers Hyundai Motor Co.
(KSE:005380) and Kia Motors Corp. (KSE:000270), and plans to
supply them to U.S. automaker General Motors Corp. starting in
November 2010.
(Yonhap)maz
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