Electric vehicles develop by GM, LG
DETROIT: General Motors Co and LG Corp will jointly develop new electric vehicles as the automaker faces stiff US fuel economy standards, GM said on Thursday.
The two companies are building on the relationship developed over the past several years as LG Group's LG Chem Ltd supplied batteries for GM's Chevrolet Volt and Opel Ampera.
The two companies will work together in designing and engineering future electric vehicles, GM said. The launch of those vehicles will be announced closer to their "market readiness," GM said.
"The definitive agreement signed Wednesday will help GM expand the number and types of electric vehicles it makes and sells by using LG's proven expertise in batteries and other systems," said GM in a statement for the two companies.
The agreement was signed by GM Chief Executive Dan Akerson and LG President and Chief Operating Officer Juno Cho.
The agreement does not involve an exchange of equity between the companies, GM said.
Copyright Reuters, 2011
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