LG Chem to produce batteries for low-speed electric vehicles

By Nam Kwang-sik
SEOUL, Oct. 20 (Yonhap) -- LG Chem Ltd., South Korea's largest chemical maker,
said Tuesday that it plans to manufacture batteries for low-speed electric
vehicles starting next year.

LG Chem said it will supply lithium-ion batteries to CT&T, a South Korean
manufacturer of low-speed electric vehicles, also known as neighborhood electric
vehicles (NEV). The battery-powered cars have a maximum speed of 80km per hour.
Last year, CT&T exported 4,000 units to the United States for police patrol cars,
while it is also pushing ahead with plans to build 40 small-sized assembly plants
for production of the NEVs in the U.S. by 2012, LG Chem said.
Global demand for the NEVs is expected to reach 500,000 units this year, 1
million in 2012 and 2 million in 2015, LG Chem said.
LG Chem is currently providing batteries for hybrid electric vehicles (HEVs) to
South Korean carmakers Hyundai Motor Co. and Kia Motors Corp., and plans to
supply them to U.S. automaker General Motors Corp. starting in November 2010.
ksnam@yna.co.kr
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