South Korea's LG Chem has signed an agreement to supply batteries for Changan Automobile for its next generation plug-in hybrid-electric vehicles. The deal is worth about $120 million and will be the first of a series of agreements between LG Chem and Changan, which are expected to total more than $100 billion by 2030. As previously reported, LG Chem said it plans to complete construction of a battery plant in Nanjing, China, this year. This deal signifies yet another deal with automakers for LG Chem, who already have battery supply agreements with Great Wall Motors and Dong Feng Motors, as well as leading global vehicle manufacturers including GM, Ford and Hyundai-Kia.
South Korea's LG Chem has signed an agreement to supply batteries for Changan Automobile for its next generation plug-in hybrid-electric vehicles. The Chinese vehicle manufacturer, which employs some 80,000 people, plans to begin production of hybrid-electric vehicles in 2016. As previously reported, LG Chem said it plans to complete construction of a battery plant in Nanjing, China, this year. This deal signifies yet another deal with automakers for LG Chem, who already have battery supply agreements with Great Wall Motors and Dong Feng Motors, as well as leading global vehicle manufacturers including GM, Ford and Hyundai-Kia.