LG Chem to supply batteries for GM's electric car

SEOUL, Aug. 10 (Yonhap) -- LG Chem Ltd., South Korea's leading chemicals
producer, said Monday it has signed a deal with top U.S. automaker General Motors
Corp. to supply batteries for its plug-in electric car.

Under the deal, LG Chem will supply lithium-ion polymer batteries for GM's
plug-in midsize Buick sport utility vehicle, which is set to be launched in 2011.

Financial terms of the deal were not disclosed.
The contract follows the company's January deal, in which it agreed to provide GM
with batteries for the Chevrolet Volt from Nov. 1, 2010.
LG Chem has said it will spend about 1 trillion won (US$800 million) until 2013
to produce the batteries.
The company also said that it plans to build a plant in Detroit, Michigan, to
produce electric-car batteries in 2012.
LG Chem said it aims to increase its global market share in the electric-car
battery sector to over 20 percent by posting 2 trillion won in sales until 2015.
ygkim@yna.co.kr
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