LG Chem Wins GM Supplier of the Year Award

GM has named LG Chem, its provider of lithium-ion battery cells for the Chevrolet Volt, as the Supplier Corporation of the Year in the 19th annual Supplier of the Year awards.

LG Chem is the first Korean company to win the top GM prize, which was first given in 1992.

The Supplier of the Year awards recognizes the contributions of GM’s suppliers in 2010 as part of the company’s global product and performance achievements. This year’s awards recognized 82 automotive suppliers.

In January, 2009, LG beat a Germany-U.S. consortium to win the Chevrolet Volt battery deal. It has been supplying the key component to GM on an exclusive basis since late last year.

Including GM, LG Chem is currently developing li-ion batteries for at least ten other automakers, including Ford, Volvo, Renault and Hyundai-Kia.

LG Chem has started construction of a US$303 million EV battery plant in the U.S. state of Michigan with the aim of starting mass production of EV batteries by 2012.

The new plant will produce enough battery cells for 50,000 to 200,000 vehicle battery packs, including GM’s Chevrolet Volt.

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