LG Chem is to supply Daimler with lithium ion batteries for the Smart EV due to be launched in 2016.

The South Korean company is already the world’s biggest automotive battery supplier, having at least 13 global automakers among the top 20 global brands.

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Company president Young Soo Kwon, said: “LG Chem’s battery business and technology have been world-widely acknowledged once again as our products are continuously being installed by major automobile makers from their commodity brands to premium vehicles.

“LG Chem will continue to lead the EV battery market with differentiated technology to make us stand up as global No.1 battery manufacturer.”

Recent assessment published by market research business B3 showed that the EV battery market is expected to grow to US$18.24bn by 2020.

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