GM and LG Chem sign EV development deal
Further expanding on the relationship that began when General Motors tabbed LG Chem to provide advanced lithium-ion batteries for the Chevrolet Volt and Opel Ampera, the U.S. automaker and the Korean electronics giant have signed an agreement that calls for them to work together to jointly design and engineer future electric vehicles. Under the terms of this pact, teams of LG and GM engineers will collaborate on the development of various key components as well as on basic structures and architectures for a series of yet-unspecified products that will be marketed in various countries around the world. The agreement was signed by GM's chairman and CEO, Dan Akerson, and Juno Cho, president and COO of LG Corporation.
In commenting on the agreement, GM Vice Chairman Steve Girsky noted: "Many solutions for tomorrow's transportation needs may be available more quickly by building on our partnership strategy. 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." Characterizing the deal as "a strategic development for LG," Cho stated that his firm "fully supports GM's goal to lead the industry in the electrification of the automobile."