General Motors and LG Group have announced a new partnership to jointly design and engineer future electric vehicles. The new partnership builds on the current relationship built on LG’s work as the battery cell supplier for the Chevrolet Volt and Opel Ampera extended-range EVs.
The new partnership will help GM expand the number and types of electric vehicles that it makes and sells.
“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.”
“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.
Timing of the launch of the first vehicles resulting from the partnership will be announced closer to market readiness. The agreement does not involve an exchange of equity between the companies.