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LG Chem to supply EV battery to Lucid Motors

Collected: 2016.12.21

Distributed: 2016.12.22

Source: Go Direct

Lucid Air [Photo by Lucid Motors]

Lucid Motors Inc., an electric vehicle startup based in California, said Monday it has signed a strategic supply agreement with South Korea’s LG Chem Ltd. for cylindrical lithium-ion battery cells. Earlier this month, LG Chem`s local rival, Samsung SDI Co., was also picked as an EV battery provider for Lucid Motors.

Under the partnership, LG Chem will provide battery cells that will be used for Lucid’s first EV model, the Lucid Air, as well as its powertrain business. The battery cells that LG Chem will be producing for Lucid meet high quality requirements, according to Lucid Motors.

Lucid Motors, formerly known as Atieva, was founded in 2007 as a battery technology company before it shifted focus to producing and selling electric vehicles. Emerged as the biggest rival to Tesla Motors, it is making an aggressive foray into electric vehicle business. The company unveiled last week its Lucid Air, an all-electric luxury sedan. Last month, Lucid announced that it will invest $700 million to build a manufacturing facility in Arizona that can produce 20,000 electric vehicle units per year.

At 1:23 p.m., shares of LG Chem rose 1.93 percent or 5,000 won ($4.19) to 263,500 won in Seoul trading Wednesday.

By Jung Wook

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