LG Chemicals to Produce Electric Vehicle Battery for Renault

According to the Wall Street Journal, informed sources have revealed that Renault Automobile Co. has signed a cooperation draft with LG Chem, which will purchase electric vehicle battery packs from the company.

LG Chem previously supplied batteries to Renault’s two-seat electric four-wheel drive bicycle Twizy and compact electric vehicle ZOE.

Informed sources said that Renault Motor Company had originally signed an electric vehicle battery supply contract with LG Chem, and then it had the ability to independently produce electric vehicle batteries and terminated the contract between both parties. However, in order to reduce the expensive production cost, Renault Motors now decided to continue Purchased electric vehicle batteries from LG Chemical.

According to the cooperation agreement, LG Chemical will produce batteries for Twizy and ZOE at Renault's French factory after 2014.