LG Chem said Monday it has inked a deal to supply battery cells to German auto giant Daimler’s Smart brand for its next-generation electric models.
The Daimler deal is the latest of its kind amid the company’s recent push to expand its presence in the nascent EV market.
Smart is a hot-selling microcar brand of Daimler that also owns Mercedes-Benz and Freightliner brands. Consisting of two- and four-seat models, Smart sells some 100,000 vehicles per year.
Under a long-term contract, LG Chem said its lithium-ion battery cells will be used first for Smart’s 2016 electric model and it seeks to expand the partnership to other models.
The Seoul-based company was also the sole battery maker to participate in a Daimler’s suppliers day event held last month.
LG Chem currently supplies batteries to 13 out of the global top 20 brands, including Volkswagen, Ford, Hyundai Motor, Renault, Audi, Chevrolet, Kia Motors, Daimler and General Motors.
“Our business and technological prowess has been widely recognized as our products are adopted by major carmakers around the world,” said LG Chem president and battery division chief Kwon Young-soo.
“We will continue our efforts to become the No. 1 player in the EV battery market.”
According to market research firm B3, the market for EV batteries is expected to more than triple from this year’s $5.48 billion to $18.24 billion by 2020.
By Lee Ji-yoon (jylee@heraldcorp.com)
The Daimler deal is the latest of its kind amid the company’s recent push to expand its presence in the nascent EV market.
Smart is a hot-selling microcar brand of Daimler that also owns Mercedes-Benz and Freightliner brands. Consisting of two- and four-seat models, Smart sells some 100,000 vehicles per year.
 |
| The 2016 Smart two-seater |
Under a long-term contract, LG Chem said its lithium-ion battery cells will be used first for Smart’s 2016 electric model and it seeks to expand the partnership to other models.
The Seoul-based company was also the sole battery maker to participate in a Daimler’s suppliers day event held last month.
LG Chem currently supplies batteries to 13 out of the global top 20 brands, including Volkswagen, Ford, Hyundai Motor, Renault, Audi, Chevrolet, Kia Motors, Daimler and General Motors.
“Our business and technological prowess has been widely recognized as our products are adopted by major carmakers around the world,” said LG Chem president and battery division chief Kwon Young-soo.
“We will continue our efforts to become the No. 1 player in the EV battery market.”
According to market research firm B3, the market for EV batteries is expected to more than triple from this year’s $5.48 billion to $18.24 billion by 2020.
By Lee Ji-yoon (jylee@heraldcorp.com)
No comments:
Post a Comment