General Motors and LG Group have just agreed to team up and collaborate on efforts for future electric vehicles. In the agreement, LG will start off supplying battery cells for the Chevrolet Volt and the Opel Apera extended-range EVs.
“Many solutions for tomorrow’s transportation needs may be available more quickly by building on our partnership strategy,” said GM Vice Chairman Steve Girsky. ”Consumers benefit by getting the latest fuel-saving technology faster if we work with the best suppliers and we save time and money in the development process.”
LG’s and GM’s engineers will also be working together to research, develop and produce the latest technology for components of electric cars. Some of their preliminary efforts were already showcased last year when GM had a demonstration fleet of electric Chevrolet Cruzes.
“This is a strategic development for LG and we fully support GM’s goal to lead the industry in the electrification of the automobile,” said Juno Cho, president and chief operating officer of LG Corp.
Details in terms of launching the first vehicles produced in the joint effort will be announced closer to market readiness, said GM. In a closing remark, GM also added that the partnership doesn’t involve an exchange of equity between the two companies.
– By: Chris Chin