Seoul (ANTARA News/Asia Pulse) - Hyundai Mobis Co. (KSE:012330, a South Korean auto-parts maker, said today it has launched a joint venture with LG Chem Ltd. (KSE:051910) to produce lithium-ion car batteries.

The venture, named HL Green Power Co., is expected to start production in the second half of this year, Hyundai Mobis said in a statement. The 29 billion won (US$25.1 million) venture is 51 per cent owned by Hyundai Mobis, with LG Chem, the nation's biggest chemicals maker, holding the remaining stake.

Hyundai Mobis and LG Chem will build a factory in the city of Uiwang, near Seoul, where the auto-parts maker has a plant for hybrid cars. The factory plans to produce battery packs for 200,000 vehicles a year, according to the statement.


Source:
Business in Asia Today - Feb.10, 2010
published by Asia Pulse