South Korea's Samsung SDI (006400.KS) said on Thursday that a subsidiary of its joint venture SB LiMotive was chosen to develop advanced batteries for electric cars with a U.S. consortium that includes GM (GM.N), Ford Motor (F.N) and Chrysler Group.
"Through cooperation with three American carmakers, (SB Limotive's) electric vehicle battery sales are expected to expand," Samsung said in a statement.
In a three-year period, the United States Advanced Battery Consortium (USABC) will jointly develop high-energy lithium-ion batteries with Samsung's joint venture with Germany's Robert Bosch [ROBG.UL]. A unit of Samsung's joint venture will support half of the $8.4 million investment for development, Samsung added.
Battery makers are gaining an increasingly important role in the auto industry as automakers are racing to develop more electric cars to meet stricter environmental regulations and attract fuel-conscious consumers.
In November, Samsung's joint venture got a lithium-ion battery supply deal for Chrysler's upcoming electric vehicle, the Fiat 500EV.
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