LG Chem to Challenge Tesla Electric Car Battery

The Wall Street Journal reported that leading battery maker LG Chem Ltd. (KRX:051910) is creating an electric car pack that “extends the range of most vehicles on the road today, but at a similar price.”

The move “shows the outsize impact” that Tesla Motors Inc. (NASDAQ:TSLA) “has had on the global automotive industry,” the news outlet states.

Prabhakar Patil, the company’s chief executive, commented:

We are definitely working on making a 200-mile-range battery electric vehicle at around the $30,000 to $35,000 price target.

It’s more than a possibility. We feel we will be able to support such a vehicle around the 2017 time frame.

As quoted in the market news:

He said more than one auto maker is interested in the technology, although he declined to say which ones.

General Motors Co. is almost certainly one of them.

GM, which contracts with LG Chem to supply the Chevrolet Volt plug-in hybrid, has said it plans to introduce a 200-mile-range electric vehicle starting as low as $30,000.

A GM official said the project is on track, although he declined to offer details on the timing. Former CEO Dan Akerson first mentioned the vehicle last year.

Click here to read the full report from The Wall Street Journal.