LG Chemical Will be Supplying Lucid With Electric Vehicles Batteries

On Tuesday the largest South Korea based chemical company LG Chem Ltd (051910) announced that it will be supplying U.S based electric car manufacturer Lucid Motors Inc. with electric vehicles batteries following a long term partnership deal signed by the both parties.

Lucid will be using these batteries for its Lucid Air Sedan which it intends to starts producing before the year ends.

Lucid said it settled for LG Chem since its batteries provide ideal efficiency further they will be optimized to meet or surpass targets for energy density, range and recharge/discharge rates.

LG Chem boasts of supplying electric batteries for big names in the automaker industry including; General Motors (GM) and Volkswagen AG (VOWG). The company confirmed sealing the deal further clarifying it will be supplying Lucid with the batteries up to 2023.

Nonetheless, LG Chem declined to reveal the value or size of the supply contract.

Lucid Motors CEO and CTO Peter Rawlinson said this would help the company finalize production of Lucid Air sedan in the Arizona State.

“The agreement with LG Chem puts Lucid on the best possible path to production for the Lucid Air, ensuring the necessary energy density and cell availability to fulfill our promise of class-leading range to consumers,” said Rawlinson.