LG Chem may be the leading supplier of lithium ion cells to Faraday Future.
According to a Korea Herald article reported by Inside EVs, LG Chem signed a deal with Faraday Future for a supply worth about 2.7 trillion won ($2.4 billion) in August. The announcement had been delayed by the South Korean government’s “recent decision to deploy the US advanced missile system Terminal High Altitude of Area Defense here,” the Korean Herald said.
LG Chem cells should be put to use in the upcoming Faraday FFZero1 electric supercar. It’s not scheduled to be launched until 2018, the startup said.
The lithium cells are expected to end up in parent company LeEco’s LeSee high-end performance all-electric car, according to Inside EVs. The Tesla competitor boasts a top speed of 130 mph, but its production date, range per charge, and price are yet to be revealed.
LeEco announced this week that is secured over $1 billion in investor funding. The Chinese technology giant will soon begin construction of a $2 billion factory in China with output capacity up to 400,000 vehicles annually.
Faraday Future has also been preparing to break into the electric car market through recent hirings. Bart Nabbe, who used to be part of Apple’s project to develop electric cars, and “talent from high-end automobile makers such as BMW and Tesla” have been recruited, the Korean Herald reported.
Last month, LG’s parts division geared up its assembly line to provide components for the 2017 Chevrolet Bolt. It was part of a contract signed October 2015 with General Motors for a period of six-years.