A Lucid Air sedan. (image: LG Chem)
SEOUL, Feb. 25 (Korea Bizwire) — LG Chem Ltd., South Korea’s largest chemicals company, said Tuesday it will supply batteries to American electric carmaker Lucid Motors by 2023.
LG Chem said it has signed a deal to supply cylindrical batteries for the Lucid Air luxury sedan, which will be launched for mass production in the second half of this year.
LG Chem did not provide any details on the value of the deal.
A Lucid Air sedan equipped with LG Chem batteries can travel 643 kilometers on a single charge, according to LG Chem.
California-based Lucid Motors, a Tesla rival founded in 2007, received a global spotlight as it attracted US$1 billion of investment from Saudi Arabia’s sovereign wealth fund Public Investment Fund.
The latest deal could strengthen LG Chem’s presence in the electric vehicle (EV) battery sector amid a global race to go electric and eco-friendly due to tightened regulations on greenhouse gas emissions, which scientists say are to blame for global warming.
Currently, LG Chem supplies electric vehicle (EV) batteries to 13 of the top 20 car brands, including German automaker Volkswagen, French carmaker Renault, American auto giant General Motors and South Korea’s largest carmaker, Hyundai Motor.
LG Chem said its order backlog for EV batteries is currently valued at 150 trillion won (US$123 billion).
(Yonhap)
