Geely and LG Chem to form EV battery joint venture
Geely Automobile plans to establish a $188 million joint venture with Korean battery supplier LG Chem to produce batteries for its growing lineup of electric vehicles.
Under an agreement the two sides signed lasw week, the partnership will be equally owned by LG Chem and Geely’s Shanghai-based subsidiary, Shanghai Maple Guorun Automobile.
The joint venture will manufacture and sell batteries for EVs.
The deal will make LG Chem the second EV battery supplier for Geely.
In April, Zhejiang Jirun Automobile, another Geely subsidiary, formed a 1 billion-yuan joint venture in the east China city of Hangzhou with major domestic EV battery supplier Contemporary Amperex Technology.