LG Chem to supply batteries for Daimler’s Smart EVs

LG Chem, South Korea's leading manufacturer of advanced batteries, has been selected by Daimler AG as the supplier of lithium-ion batteries for Smart EVs that it plans to launch in 2016. LG Chem will provide battery cells to Smart EV and the cells will be installed into packs by Daimler's wholly-owned subsidiary Deutsche ACCUmotive, under a mass supply contract.

Smart is a Daimler brand of micro cars such as the two-door, two-seater `Smart Fortwo' and four-door, four-seaterb `Smart Forfour'.

Diamler is already selling these vehicles and has recorded annual sales of more than 100,000 of these Smart vehicles that are renowned for safety and agility on city roads.

LG Chem had been invited to the 'Supplier Day' hosted by Daimler in Stuttgart, in February and was the only lithium-ion battery maker invited to participate at the event.

Based on strategies discussed at the event, LG Chem will supply a battery that can cope with the prestigious name value of Daimler brands with the best specification and highest output of energy - a battery that has the best driving performance while running through electric motor.

According to Most Valuable Automobile Brands 2014 released by Brand Finance, a brand valuation and strategy consultancy, top brands like Volkswagen, Ford, Hyundai, Renault, Audi, Chevrolet, Kia, Daimler and GM use LG Chem's batteries for EV application.

By signing a supply contract with Daimler, LG Chem has become the world's biggest automotive battery supplier, having at least 13 global automakers among the top 20 global brands.

''LG Chem's battery business and technology have been world-widely acknowledged once again as our products are continuously being installed by major automobile makers from their commodity brands to premium vehicles'', said Young Soo Kwon, president of energy solution company, LG Chem.

''LG Chem will continue to lead the EV battery market with differentiated technology to make us stand up as global No 1 battery manufacturer,'' he added.

In a recent assessment report published by B3, a renowned market research firm, the EV battery market is expected to grow up to $18.24 billion by 2020.