LG Chem gets deal to provide batteries for Daimler Group

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LG Chem gets deal to provide batteries for Daimler Group

LG Chem said Monday it will supply lithium-ion batteries for the compact electric vehicle Smart made by Daimler Group of Germany.

Starting with the 2016 model, the cells provided by LG will be part of a battery pack that will be made by a Daimler parts partner.

Daimler produces two Smart series: the two-seat model Fortwo and the four-seat Forfour. About 100,000 Smart units are sold worldwide annually.

By adding Daimler as a client, LG Chem now supplies car batteries to 13 of the top 20 global automakers, including Volkswagen, Ford, Renault, Audi and Chevrolet. The EV battery market is estimated at about $5.48 billion this year and predicted to grow to $18.24 billion in 2020.

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