(Yicai Global) Sept. 13 -- Shenzhen Yinghe Technology plans to supply electric-car battery-making equipment to a Chinese unit under South Korean's largest chemical company LG Chem.

The pair signed an agreement for the delivery of 19 automatic coilers on Sept. 11, Yinghe said in a statement yesterday. Under the deal, the supplier will send the equipment to LG Chem's new-energy vehicle cell factory in Nanjing, Jiangsu province, by Feb. 1, though the firms have yet to fix a contract price.

NEVs look set to become a long-term fixture in some of the leading global auto markets. China, which is home to the world's biggest car and NEV sectors, outlawed production of 533 specific fossil fuel car models at the beginning of this year, and has pledged to end the manufacture of petrol and diesel automobiles in the near future.

The fourth- and fifth-largest car markets, India and Germany, have committed to ending sales of new combustion engine cars by 2030, while the United Kingdom and France, also among the world's top 10 markets, have made a similar goal for 2040.

LG Chem is a world-leading power battery maker and offers car cells to top carmakers, the statement added, saying the deal is an indication that Yinghe's products are now recognized by international leaders and that this will be a great boost to business.

Editor: James Boynton