LG Chem Plans for E-Mobility – EV Next
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Introduction
The company manufactures different cells, modules and battery packs for various types of EVs( PHEV, HEV, BEV) of various sizes and chemistries. LG Chem is the only battery company rooted in the chemical business and is capable of mass-producing high-performance batteries stably.
Company Profile
LG Chem, Ltd. is Korea’s largest diversified chemical company which operates four main business units: Basic Materials and Chemicals, Energy Solutions, IT and Electronic Materials and Life Sciences. The chemical business manufactures a wide range of products, from petrochemical goods to high-value added plastics. It also extends its chemical expertise into high-tech areas such as rechargeable batteries, electronic materials and drugs and vaccines. LG Chem is also one of the world’s largest lithium-ion battery manufacturers with significant market share in consumer, automotive and stationary applications. Throughout multiple production facilities and an extensive distribution network, LG Chem strives to become a leading global company.
Product Profile
LG Chem in partnership with Mahindra is setting up a Li-ion batteries manufacturing plant in Pune.
Future Plans
- The company will develop Li-ion battery modules in the JV with Mahindra and thereby supply them to the OEM and others and export the excess.
Partnerships
- Mahindra and LG Chem collaborate for Li-ion battery technology in February 2018.
- Under the aegis of this collaboration, LG Chem will develop a unique cell exclusively for India application and will also supply Li-ion cells based on NMC (nickel-manganese-cobalt) chemistry with high energy density. These cells will be deployed in the Mahindra and SsangYong range of Electric Vehicles.
Global Work
- General Motors and LG Chem will invest up to $2.3 billion by 2023 to form a joint venture for production of battery cells for electric vehicles in Ohio. Construction of the plant is expected to begin in mid-2020. The total capacity would be 30+ GWh.
- The company said it plans to invest 13 trillion won ($11bn) in its energy solutions unit, including W10 trillion in its EV battery segment, over the next four years. The unit is taking up half of LG Chem’s overall W6.2 trillion capital budget in 2019, even though it accounted for just 22pc of revenue last year.
- Lucid Motors, a luxury electric car manufacturer in the US announced a long-term partnership from 2020 to 2023 with leading EV battery supplier LG Chem for the Lucid Air electric sedan in February 2020.
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