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(MENAFN) Hyundai Mobis Co., the main auto- parts provider of South Korea's Hyundai Motors, said that it has agreed with LG Chem Ltd., the country's largest chemicals maker, to launch a joint venture to produce lithium-ion car batteries, Reuters reported.
HL Green Power Co., the name of the new joint company, is a $225.1 million venture that will begin production in the second half of next year, Hyundai Mobis said in a press release.
The factory will be built in the city of Uiwang, south of Seoul, where the auto-parts maker has a plant for hybrid cars, and it plans to produce battery packs for 200,000 vehicles a year, which will increase to 400,000 vehicles a year by 2014, the release said.
It added a total of $39.6 million will be invested in the venture by 2014, where Hyundai Mobis will own 51 percent of the shares with LG Chem holding the remaining stake.
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