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On September 28, LG Chem of South Korea officially announced that it had reached a cooperation with the Volkswagen Group, and the two sides signed a memorandum of understanding to jointly develop and expand the application of next-generation eco-friendly automotive materials. The signing was completed by Kim Sang-min, senior vice president of LG Chem, and Stefan Gramse, executive vice president of the Volkswagen Group, marking the official launch of joint research and development of new automotive materials between the world's leading automaker and chemical material enterprise.
The cooperation focuses on lightweighting, mainly relying on ABS and engineering plastic systems
According to the memorandum, the two sides will carry out technical research around body weight reduction and performance improvement, jointly develop next-generation plastics and composite materials, with LG Chem's high value-added ABS synthetic resin and engineering plastic EP as the core.
ABS and EP are high-performance plastics with excellent durability and processing characteristics, which are broadly applied in automotive interior and exterior trim parts in addition to domestic appliance shells.
In terms of production capacity, LG Chem has factories in South Korea and overseas, with a total annual ABS production capacity of 2.35 million tons, with stable extensive supply capabilities.
Expand the consumption of recycled materials, Volkswagen will assess the implementation space across its multiple brands
The cooperation is not limited to new material research and research. The Volkswagen Group will assess expanding the consumption of LG Chem's post-consumer recycled materials and new materials with cost advantages across its major automotive brands. The two sides will establish regular information exchange, share the technical trends of next-generation mobility materials and global market dynamics, jointly carry out R&D tests, conduct feasibility studies on the vehicle installation consumption of specific materials, and open up the link from material R&D to vehicle verification.
Highly matching strategic demands, jointly build a sustainable automotive supply chain
According to a relevant person in charge of LG Chem, the company hopes to continuously increase the market share of high value-added eco-friendly automotive materials such as ABS and engineering plastics, and consolidate its competitiveness in the future mobility track; the Volkswagen Group is committed to building a complete supply chain from upstream raw materials to vehicle manufacturing, and the strategic demands of the two sides are highly consistent.
Kim Sang-min said that relying on LG Chem's technical accumulation in the field of high value-added eco-friendly materials, it will jointly explore sustainable development opportunities with Volkswagen, and this cooperation is expected to have become a landmark case of collaborative innovation in new automotive materials between global automakers and chemical companies.
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