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LG Chem to supply electric car batteries to SAIC, Qoros

(Reuters) – South Korea’s LG Chem Ltd said it has secured orders to supply electric vehicle (EV) batteries to China’s SAIC Motor Corp and Qoros, betting on the world’s biggest car market to revive the sluggish growth of EVs globally.

LG Chem did not disclose details of the deals, but said the contracts would increase the total number of its Chinese customers to four, which have ordered batteries for more than 100,000 EV vehicles and would lead to hundreds of millions of dollars in revenue once production begins.

LG Chem, which has factories in the United States and Korea, also said it plans to build a joint venture in China in the second half of this year to produce EV batteries to cope with growing demand in the region.
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