update 1-hyundai mobis, lg chem to set up battery jv - lithium ion polymer battery
* Lithium production by joint venture-
Ion battery pack for hybrid cars * modern Mobis shrs dive after trading in modern car shrs (
Add details of the transaction, background, stock)
SEOUL, Aug 31 (Reuters)-
Modern Mobis Corporation of Korea (012330. KS), the car-
Hyundai Motor Group's parts manufacturing department said Monday it plans to establish a battery joint venture with LG Chem (051910. KS).
Hyundai Mobis signed a memorandum of understanding with China's No. 1 LG Chem
A chemical company, a company that develops and produces lithium
Ion battery pack for top hybrid cars in Korea-
Parts Manufacturers said in a document submitted to the Korean exchange.
Financial details of the transaction have not yet been disclosed.
In June, LG Chemical said it would invest 1 trillion won over the next four years to build an electric vehicle battery plant.
It aims to earn a total revenue of 2 trillion won from the battery business in 2015. [ID:nSEO150729]Its U. S.
Units are also offering deals for the next supplier
Lithium generation-
Ion battery for GMGM. UL]Volt plug-in.
Hyundai Motor Corporation (005380. KS)
Launched its first hybrid in South Korea in July, and began selling the Elantra LPI, a hybrid model of a popular compact sedan using liquefied petroleum gas (LPG)and lithium-
Ion polymer battery[ID:nSEO339458]
Hyundai will launch its first gasoline-
An electric hybrid, a version of the second half of 2010's flagship Sonata.
Samsung SDI Co, another Korean rechargeable battery manufacturer (006400. KS)
In partnership with Robert Bosch of Germany, it runs a car battery business called SB LiMotive.
SB LiMotive will set up a factory in South Korea in 2011 to start producing car batteries.
Shares of modern Mobis fell 9.
At 86% of 132,500 won, far below 1.
The market fell 0%.
KS11 announced on Friday that it had acquired shares of Hyundai Motor worth 1.
34 trillion won ($1. 08 billion)
From modern steel (004020. KS). [ID:nSEO241765]
LG Chem fell 1.
05% to 188,500 won(
Report by thousand minuteswoo;
Editor Muralikumar Anantharaman)