The report claimed that LG Chem has penned the contract where up to date, they are to supplier battery packs to 5 other companies. The 5 companies are Hyundai Motor, a South Korean electric car maker, CT&T Corp, Chang’an Automobile Group, the third largest carmaker of china, Eaton Corp from the United States as well as to GM. Peter Bahnsuk Khim, the vice-chairman of LG Chem said that by the end of the year, they will be expecting to sing another 4 deals to supply the battery packs.
Targeting to start its mass production of EV batteries by 2012, the company will begin building the EV battery plant in Michigan in the United States this coming July which will cost some USD303million. They have in June last year started the construction of the Ochang plant in Korea which costs USD906million or 1 trillion won.