LG to supply batteries to Chrysler

LG Chem, a chemical firm and auto parts maker, is said to be on the verge of inking a deal to supply lithium-ion batteries to Chrysler Group, according to market sources Monday. “LG Chem is working on a supply deal with Chrysler, and the outlook is very positive,” an official close to the matter said. He declined to disclose the details, but supply is expected to start as early as this year.

A market source said the batteries made by the LG Group affiliate would likely power a new electric car made by Chrysler, which was recently acquired by Fiat.

LG Chem has been working in tandem with the United States Advanced Battery Consortium, consisting of the U.S. Department of Energy, General Motors, Ford and Chrysler, on developing electric vehicle batteries. The supply deal with Chrysler would be LG’s first such agreement with the U.S. firm.

Samsung SDI has also been participating in the USABC-led battery development project since 2011, and is currently supplying lithium-ion batteries to Chrysler’s F500e. LG Chem is struggling to gain the upper hand in the competition with Samsung SDI and Panasonic, two of its most formidable rivals in the car battery business.

For full article, see Korea Herald.

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