Samsung SDI, Bosch win EV battery deal from Chrysler

SEOUL (BestGrowthStock) – A joint venture of South Korea’s Samsung SDI (006400.KS: ) and Germany’s Robert Bosch (ROBG.UL: ) has won a contract to supply lithium-ion batteries for Chrysler’s upcoming electric vehicle, the Fiat 500EV, Samsung said on Monday.

The Fiat 500 EV, an electric version of Fiat (FIA.MI: ) 500 model, will be launched in the U.S. market in 2012, Samsung added.

Chrysler emerged from a U.S. government-controlled bankruptcy last year under the management of Italy’s Fiat.

The 50-50 joint venture SB LiMotive are supplying its lithium-ion batteries to Germany’s BMW (BMWG.DE: ) and the U.S. auto parts maker Delphi.

Samsung did not provide further details on contract terms and value.

The order is expected to ease concerns over Samsung’s competitiveness in electric vehicle batteries and boost Samsung shares, Lee Hak-moo, an analyst at Mirae Asset Securities, said in a research note on Monday.

(Reporting by Ju-min Park; Editing by David Chance)

Samsung SDI, Bosch win EV battery deal from Chrysler