Hyundai Mobis & LG Chem To Form Joint Car Battery Venture
According to media reports, Hyundai Mobis Co., the car-parts producing unit of Hyundai Motor Group, has been in talks with LG Chem Ltd., the nation’s top chemicals maker, to set up a joint venture to produce car batteries for hybrid and electric vehicles. Media reports now state that Hyundai Mobis has announced that it has signed a memorandum of understanding (MOU) with LG Chem to produce lithium-ion battery packs for hybrid vehicles.
Hyundai introduced its first hybrid car in South Korea in July, the Elantra LPI – a hybrid version of its sedan that uses liquefied petroleum gas (LPG) and lithium-ion batteries.
Financial details of the deal have not been disclosed as of yet.