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VW and LG Chem Ink EV Battery Deal

South Korean battery supplier LG Chem has announced that it has secured orders from Volkswagen Group to help supply the company’s upcoming electric vehicles.

The company didn’t disclose the size of the order, or the pricing for those batteries, saying that that price depends on the order and the order depends on market conditions.

Automotive News Europe reports that the two companies have formed a bi-weekly task force to help ensure the automaker’s supply chain for EV batteries. VW is planning 18 fully electric models by the end of 2022 and it will need significant supplies of batteries to power them.

“There are risks in third- and fourth-tier areas, especially in these new technologies. This is the reason why we created this task force with LG Chem,” said Thomas Ulbrich, the VW brand’s management board member responsible for electric mobility. The automaker is looking to lock down sufficient supplies of cells to hit 300,000 EV sales a year by 2021.

LG is used to producing cells for electronics, like phones and computers. They have little experience with cells for cars. The task force will help move LG to a place where they can supply automotive applications, Ulbrich said.

[source: Automotive News]

The post VW and LG Chem Ink EV Battery Deal appeared first on VWVortex.



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