Renault, LG Corp and CEA Close Deal to Manufacture EV Batteries image

LG Corp and Renault announced today, July 27th, they might close a deal to manufacture EV batteries in France.

Chief Operating Officer Carlos Tavares declared that Renault, LG Corp and France’s CEA energy research institute plan to close a deal to produce next-generation batteries in France. Renault is already using LG power packs for its Twizy two-seat EV and it plans to do the same with the upcoming Zoe subcompact EV.

Renault, which already sells battery-powered versions of the Fluence mid-sized sedan and Kangoo van, plans to invest 4 billion euro together with Nissan. The two companies predict that by 2020 10% of cars sold globally will be electric and with the new alliance they aim at 20% of that percentage.

The agreement between Renault, CEA and LG is expected to be finalized in September and it will focus only on the production of next-generation batteries which will have higher durability and fast-charging capacity. According to the given information the battery factory will be built in France but no exact location was given. It is certain that wherever the facility will be located it will easily serve all European markets while minimizing logistics costs.