"Applications of this simple statement could transform our way of life dramatically. Once it was estimated that there will be need in maximum six computers in the world. When you have bought CD last time and paid for your mobile phone? Magnitude of this change in energy space will be even more dramatic socially and economically."
After Nissan announced that it will use 4 kg of Lithium for every Leaf, market start calculating Supply-Demand picture. All estimation will be proven wrong, if it is the real Next Big Thing. Two - five percent of the fleet is not a revolution in transportation, we are talking about 30% of fleet conversion rate by 2020 to be Green mobility revolution. And players are coming in. Hyundai and other Korean companies' entry means relatively cheap manufacturing base with necessary technological advance along the way: path to more secure with lower cost batteries - it is an important contribution to the development of electric cars mass market.
SEOUL (Reuters) - South Korea's Hyundai Mobis Co (012330.KS), the car-parts making unit of Hyundai Motor Group, said on Monday it plans to set up a battery joint venture with LG Chem (051910.KS).
Hyundai Mobis has signed a memorandum of understanding with LG Chem, the country's No.1 chemicals company, for a venture which would develop and produce lithium-ion battery packs for hybrid cars, South Korea's top car-parts maker said in a filing with the Korea Exchange.
Financial details of the deal were not disclosed.
In June, LG Chem said it would invest 1 trillion won in an electric car battery plant over the next four years. It aims to derive total revenue of 2 trillion won from the battery business in 2015.
Its U.S. unit is also in a deal to supply next-generation lithium-ion batteries for General Motors' GM.UL Volt plug-in.
Hyundai Motor Co (005380.KS) launched its first hybrid car in South Korea in July, starting sales of the Elantra LPI, a hybrid model of its popular compact sedan that uses liquefied petroleum gas (LPG) and lithium-ion polymer batteries.
Hyundai is due to launch its first gasoline-electric hybrid, a version of the flagship Sonata in the latter half of 2010.
Another South Korean rechargeable battery maker, Samsung SDI Co (006400.KS), has teamed up with Germany's Robert Bosch and operates a car battery venture called SB LiMotive. SB LiMotive is set to build a plant in South Korea to start producing car batteries in 2011.
Shares in Hyundai Mobis ended down 9.86 percent at 132,500 won, far underperforming a 1.0 percent fall in the wider market , after it announced on Friday it had bought Hyundai Motor shares worth 1.34 trillion won ($1.08 billion) from Hyundai Steel (004020.KS).
LG Chem fell 1.05 percent to 188,500 won."
Hyundai Mobis has signed a memorandum of understanding with LG Chem, the country's No.1 chemicals company, for a venture which would develop and produce lithium-ion battery packs for hybrid cars, South Korea's top car-parts maker said in a filing with the Korea Exchange.
Financial details of the deal were not disclosed.
In June, LG Chem said it would invest 1 trillion won in an electric car battery plant over the next four years. It aims to derive total revenue of 2 trillion won from the battery business in 2015.
Its U.S. unit is also in a deal to supply next-generation lithium-ion batteries for General Motors' GM.UL Volt plug-in.
Hyundai Motor Co (005380.KS) launched its first hybrid car in South Korea in July, starting sales of the Elantra LPI, a hybrid model of its popular compact sedan that uses liquefied petroleum gas (LPG) and lithium-ion polymer batteries.
Hyundai is due to launch its first gasoline-electric hybrid, a version of the flagship Sonata in the latter half of 2010.
Another South Korean rechargeable battery maker, Samsung SDI Co (006400.KS), has teamed up with Germany's Robert Bosch and operates a car battery venture called SB LiMotive. SB LiMotive is set to build a plant in South Korea to start producing car batteries in 2011.
Shares in Hyundai Mobis ended down 9.86 percent at 132,500 won, far underperforming a 1.0 percent fall in the wider market , after it announced on Friday it had bought Hyundai Motor shares worth 1.34 trillion won ($1.08 billion) from Hyundai Steel (004020.KS).
LG Chem fell 1.05 percent to 188,500 won."
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