California EV Startup Lucid Motors Announces LG Chem as its Battery Supplier
【Summary】California luxury electric vehicle startup Lucid Motors, which is aiming to rival Tesla with its ultra-luxury electric Air sedan, announced today that its batteries will be supplied by South Korean battery maker LG Chem. The deal with LG Chem ensures that Lucid will have the battery cells it needs for volume production of the Lucid Air sedan, the company’s first vehicle.
Before most global automakers can produce electric vehicles in significant numbers, they need to secure supply deals with battery makers, as few carmakers are capable right now of building lithium ion batteries at scale.
Electric automaker Tesla for example, builds EV batteries at its Nevada gigafactory in a joint venture with Panasonic, while the batteries for Tesla models built at the company's new factory in Shanghai are being supplied by Chinese battery maker Contemporary Amperex Technology Co. Limited (CATL). In January, Tesla said that LG Chem would also supply the company with batteries for its China-made vehicles.
California luxury electric vehicle startup Lucid Motors, which is aiming to rival Tesla with its ultra-luxury electric Air sedan, announced today that its batteries will also be supplied by South Korean battery maker LG Chem. The deal with LG Chem ensures that Lucid will have the battery cells it needs for volume production of the Lucid Air sedan, the company's first vehicle.
Lucid Motors has entered into a long-term partnership with LG Chem to lock in volume production forecasts for the Lucid Air over the next several years, with additional agreements to be announced in the future for more powerful versions of the Air sedan. LG Chem battery cells will power standard versions of the Air sedan through 2023.
Lucid said it chose LG Chem due to the company's advanced battery technology. Lucid said that with the cells from LG Chem provide the ideal level of efficiency needed for standard versions of the Lucid Air. Lucid selects the best battery cell for each version of the Lucid Air based on data collected during comprehensive and proprietary battery performance tests the company said.
"LG Chem is pleased to join as a core partner in Lucid Motors's journey to produce industry-changing luxury EVs. With the world's leading battery cell technology, safety, reliability, and production expertise, LG Chem will supply high-quality battery cells to Lucid Motors," said Jong Hyun Kim, President of Energy Solution Company, LG Chem.
Lucid will optimize the LG Chem cells to meet or exceed all target goals for range, energy density and recharge/discharge rates. Lucid will leverage the specific cell chemistry of LG Chem's batteries to develop the most compact, energy dense, battery pack possible.
Full production of the Lucid Air is expected to start in late 2020 at Lucid's new factory currently under construction in Casa Grande, AZ. A production version of the luxury EV will be unveiled in April at the annual New York Auto Show.
Lucid is manufacturing 80 beta prototypes at the company's Silicon Valley headquarters, which will be used for comprehensive testing and validation before the Air enters production.
Lucid Motors is among the growing group of automakers, including, General Motors, Mercedes Benz and Volkswagen that are heavily reliant on Asian battery suppliers for lithium-ion batteries.
LG Chem also entered into a partnership with General Motors. GM and LG Chem are investing $2.3 billion to build a battery factory in Ohio to supply the batteries for GM's upcoming electric models. GM has said that plans to introduce over 20 new electric models by 2023, so the U.S. automaker is heavily reliant on suppliers such as LG Chem.
The agreement with LG Chem is not binding and allows Lucid to maintain relationships with other battery suppliers for any future models.
Panasonic Unveils a Large Prototype Battery That’s Designed to Help Tesla Lower EV Production Costs
The Apple Car Project Has Reportedly Stalled Due to Unreasonable Demands Put on Chinese Battery Suppliers CATL & BYD
The Netherlands Forensic Institute Claims it Has Decoded Tesla's Vehicle Data By Reverse Engineering
Volkswagen’s China-made ID.3 Electric Car Will Officially Launch on Oct 22
Toyota to Invest $3.4 Billion Through 2030 in Electric Vehicle Battery Production in the U.S.
Volkswagen Group’s Electric Vehicle Sales Double in Q3, YTD Sales Are Up 138% Compared to 2020
Lucid to Open its First Canadian Retail Location in Vancouver, Announces Pricing for the First Time Outside of the U.S.
Japan’s Honda to Launch a New Electric Vehicle Brand in China Next Year
- China’s XPeng Reports its Highest Ever Monthly Electric Vehicle Deliveries in September
- LG Electronics & Magna International Finalize Agreement for New ePowertrain Joint Venture That’s Linked to the Secretive ‘Apple Car’ Project
- The Biden Administration Asks Automakers to Back its Pledge of 40% of New Car Sales Being Electric by 2030
- Tesla’s Local Sales in China Plunged 69% in July Compared to June
- Toyota to Offer New Replacement Parts for the Land Cruiser to Help Owners Keep Them on the Road
- Volvo’s Electric-Performance Brand Polestar to Go Public in a $20 Billion SPAC Deal With Gores Guggenheim, Inc.
- XPeng’s Urban Air Mobility Affiliate HT Aero to Raise $500+ Million in Series A Funding Round
- Tesla Challenger XPeng Reports Record July Deliveries, its 2nd Consecutive Month of Record-Setting Growth
- Hyundai's Genesis Brand Planning To Go All-Electric by 2025
- iPhone Assembler Foxconn Unveils 3 New Electric Vehicle Prototypes as it Prepares to Diversify its Business by Building EVs