GM and LG join hands to develop electric cars

General Motors Corporation along with LG Corp has thumped a deal that they both will jointly develop electric cars. It is the first of a kind partnership between the leading Korean multinational firm, who actually is known for battery technology and the very famous American automaker. Currently, LG Corporation deals with supply of lithium ion batteries, which powers General Motors Volt and also Opel Ampera plug-in hybrids that was released in the year 2010.

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 The agreement was signed between the CEO of General Motors, Mr. Daniel Akerson and the president of LG Corp, Mr. Juno Cho. This agreement stated that both companies will jointly develop electric cars, which will be sold all over the world. However, this agreement does not engross a swap of equity between the 2 companies. Under the General Motors Corp, the company has already been working towards the expansion of its range of electric vehicles. This is because of General Motors’ Volt has given the firm to expand its portfolio.

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In the beginning of this month, General Motors gave a green signal regarding the development of a plug in hybrid for its luxurious Cadillac range. General Motors is also busy building up an electric small car, which will be sold worldwide. In the year 2010, LG and General Motors joined hands together to showcase a fleet of Chevrolet Cruze small cars, which were actually used at the G20 economic summit held in Seoul. According to reliable sources, engineers from both the companies have already started brain storming in USA for the new electric vehicle plan.

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General Motors partnership with LG Corp will also allow the firm to fast track expansion of more and more electric vehicles than GM could develop on its own. However, the joint venture news of GM and LG Corp came just after 3 days, when Toyota Motors and Ford Motors collaborated to build SUVs and hybrid trucks. The development of electric cars will play a vital role in the real world as it will cut down the fuel consumption to a great extend. So it would be very exciting to see what General Motors and LG Corp collaboration results in.

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