Renault inks MOU with LG Chem to jointly develop future EV batteries

Renault S.A., the world’s largest manufacturer of electric vehicles (EV), said Wednesday that it has signed an agreement with LG Chem to jointly develop high density batteries that will power its next-generation zero emission cars.

The French automaker, which controls Renault-Nissan Alliance and South Korea’s Renault Samsung Motors Co., said the agreement lays the foundation for its next-generation EVs to be powered by lithium ion batteries made by LG Chem, already an established leader in the vehicle power storage sector. The batteries will give cars longer endurance and reduce range concerns that have restricted growth of the global EV market.

Renault currently markets the Twizy, Zoe, Fluence Z.E. and Kangoo Van Z.E. electric cars. Counting Nissan’s Leaf, the world’s fourth-largest automotive alliance had sold 100,000 EV as of July 2013. In South Korea, Renault Samsung sells the SM3 Z.E. that is based on the Fluence.

Thierry Bollore, the carmaker’s chief competitive officer who signed the agreement for Renault in Seoul, outlined the company’s commitment to making battery packs that can power zero emission cars. The executive confirmed the company’s desire to contribute to the growth of South Korea’s car industry through Renault Samsung.

LG Chem said the latest tie-up with Renault will speed up demand for EVs and make them more commonplace.