GM Strikes Deal with LG to Roll Out More Electric Models

On the heels of Ford and Toyota announcing they will be teaming up expand hybrid vehicle technology, General Motors revealed Thursday that it will be working with electronics giant LG to bring more electric GM models to market.

The deal signed Wednesday broadens the existing relationship between the companies. LG currently provides the battery cells for the Chevrolet Volt and the Opel Ampera and now will aid GM in developing a more diverse and larger electric vehicle fleet.

GM said it is waiting until later to reveal the official date of the launch of the first batch of electric models. Officials emphasized that the deal includes no equity exchanges.

“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 president and chief operating officer Juno Cho said: “This is a strategic development for LG, and we fully support GM’s goal to lead the industry in the electrification of the automobile.”

Sharing more about the partnership, engineers with the two companies will team up in developing key components, vehicle structures and architectures, officials noted.

This marks the latest growth in the partnership. The companies grew their collaboration last year as they teamed up to build a demonstration fleet of Chevrolet Cruze models that the G20 summit utilized as its official vehicle. These units are now in market testing.