LG Chem is going to work with "Lucid Motors", a luxury electric car company. LG Chem said on Feb. 26 that it will exclusively supply next-generation cylindrical batteries from the second half of this year until 2023 to the standard model of Lucid Motors' luxury electric vehicle "Lucid Air."
Lucid Motors is a fledgling electric vehicle maker that has been in the spotlight for attracting $1 billion in investment from Saudi Arabia's sovereign fund in 2018 and is set to launch its first mass-production vehicle, the "Lucid Air," in the second half of this year.
The Lucid Air is an electric vehicle sedan that reaches only 2.5 seconds from a standstill to 100 km/h and travels 643 km on a charge.
LG Chem has signed a contract to exclusively supply cylindrical batteries to Lucid Air's standard-type models and is also in talks to supply batteries as a special model later.
LG Chem will supply the "21700" product, dubbed the next-generation cylindrical battery. The product has a 21mm diameter and 70mm height exterior and has a 50 percent increase in capacity and improved performance compared to the current cylindrical "18650" battery (18mm diameter and 65mm height).
Since electric cars are equipped with thousands of small cylindrical batteries, fewer batteries make them easier to manage and more secure. Therefore, electric car companies with cylindrical batteries are constantly looking for companies that can reliably supply cylindrical "21700" batteries.
"With the supply of cylindrical batteries to Lucid Motors, we are strengthening our portfolio of electric vehicle batteries along with existing pouch batteries," said Kim Jong-hyun, president of LG Chem's battery business division. "We will also actively target the fast-growing market for electric vehicle cylindrical batteries to achieve a clear global No. 1 position in the electric vehicle battery."
"The collaboration with LG Chem is the best plan to produce electric cars efficiently," said Peter Lawlinson, CEO of Lucid Motors. "This has enabled us to ensure the best electric vehicle performance for our customers."