LG Chem Ltd. announced that it has signed a formal deal to supply lithium-ion batteries for electric vehicles made by Renault SA beginning in 2011. The deal with Renault SA increases the number of companies supplied with batteries by LG Chem to nine, including Hyundai Motor Group and Volvo Cars Corp..
The company will reportedly build a battery plant in Europe to make it easier to provide batteries to Volvo and Renault. LG Chem is building a plant in the United States as well.
LG Chem predicts that it could provide an additional two or three companies with its batteries by the end of the year.
