GM & LG to jointly develop electric cars

U.S.-based General Motors Co. and South Korea’s LG Corp. announced that they will develop electric cars together. This alliance is the first-of-its-kind between a top U.S. automaker and a leading Korean conglomerate. The lithium-ion batteries that power GM’s Chevrolet Volt and Opel Ampera plug-in hybrids are currently being supplied by LG Corp.’s LG Chem Ltd. The two companies will design a range of electric vehicles which will be sold around the world, under the agreement signed by GM Chief Executive Daniel Akerson and LG President Juno Cho. “This is a strategic development for LG and we fully support GM’s goal to lead the industry in the electrification of the automobile,” LG President Juno said. (August 25, 2011)