Senate extends Cash for Clunkers

The U.S. Senate approved an extension of $2 billion for the Cash for Clunkers program on Thursday with a vote of 60 to 37. The measure is expected to be signed quickly by President Barack Obama so that funds are immediately available.

LG's American unit plans batteries plant in U.S.

Compact Power, a unit of South Korea's LG Chem, is investing between $300 million to $400 million to build its first battery cell plant in Michigan which will produce packs for up to 250,000 electric vehicles in the country, the company's Chief Executive Officer, Prabhakar Patil told Reuters.