April 21, 2009 / 11:18 PM / 11 years ago

LG Chem unit says on track on GM's Volt plug-in

DETROIT, April 21 (Reuters) - LG Chem Ltd (051910.KS) unit Compact Power said on Tuesday it is on track to supply lithium- ion batteries for General Motors Corp’s (GM.N) Volt and was confident the all-electric car would be launched on time, a senior executive said on Tuesday.

“It’s on schedule,” Compact Power Chief Executive Prabhakar Patil said in an interview on the sidelines of an industry event.

Patil said GM is moving ahead with the Volt launch despite its financial troubles.

“From GM’s side, it’s their highest priority program,” he said. “I continue to see the same kind of commitment. I don’t see any near term or imminent issues.”

Compact Power Inc (CPI), a Troy, Michigan-based unit of the South Korean company, bagged the contract to build batteries for the the plug-in Volt, the centerpiece of GM’s effort to move away from gasoline-thirsty trucks and SUVs.

The Volt, which is scheduled to go into production in late 2010, remains one of the most closely watched upcoming GM vehicles.

GM, operating with emergency U.S. government funds, has asked for $2.6 billion of low interest loans from a U.S. Energy Department program to support the development of three new hybrid vehicles. (Reporting by Poornima Gupta; Editing by Andre Grenon)

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