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.
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