DETROIT – General Motors and LG Group announced they will jointly design and engineer future electric vehicles. LG currently supplies battery cells for the Chevrolet Volt (and Opel Ampera in Europe). The companies signed the agreement on Wednesday. GM stated the agreement will help the company expand the number and types of electric vehicles it makes. For LG, the agreement represents widening its portfolio as an automotive supplier.
GM and LG worked on a demonstration fleet of Chevrolet Cruze electric vehicles last year, according to GM. These vehicles were used during the G20 summit in Seoul and are now in the market-testing phase.
GM hasn’t announced any specific dates for vehicle launches associated with this agreement. Also, the agreement doesn’t involve any exchange of equities between the companies.