Another Achievement
LG Chem supplies electronic automobile batteries to Audi, a subsidiary company of Volkswagen. LG Chem, which has supply contracts with six out of ten final automobile manufacturing groups, is expected to score accumulated sales revenue of over 10 trillion won (US$9.7 billion) in the battery sector by 2018.
LG Chem announced on August 20 that they signed a supply contract for electronic automobile batteries with Audi. Although the specific contents of the contract was not disclosed, LG Chem explains that they are contracted to supply batteries for next-generation plug-in hybrid electric vehicles (PHEV) and micro hybrid electric vehicles (μHEV) of Audi.
LG Chem secured additional multi-billion won sales through this contract. LG Chem also expects to supply batteries to Volkswagen Group, the mother company of Audi, as well. LG Chem projects that the Volkswagen Group will sell 300,000 electronic vehicles in 2018.
Especially through this contract, LG Chem secured six out of ten final automobile manufacturing groups worldwide, including General Motors (GM), Renault-Nissan Alliance, Hyundai-Kia Motors and Ford.