In a press release today GM says this partnership is an unprecedented supplier relationship for the automaker. LG subsidiaries such as LG Electronics and LG Chem worked closely with GM to develop the prototype systems in the Bolt EV concept.
GM says the Chevrolet Bolt will travel 200 miles on a single charge and will be sold at an affordable price. But GM is not going at it alone. The Detroit automaker today announced a strategic partnership with LG, which will supply many of the systems around the car’s electric drive system.
“Being selected as GM’s EV technology partner positions LG as a key player in next-generation vehicular technologies,” said Woo-jong Lee, president and CEO of the LG Electronics Vehicle Components Co, said in a released statement. “The opportunity to work with GM on such game-changing technology is indicative of exactly the type of contributions that traditional tech companies can make in the automotive space.”
This sort of partnership makes sense for General Motors and LG. The automaker can tap LG’s deep investment in battery technology while concentrating on its core competency of assembling autos. This will allow GM to offload the development cost of EV systems. Previously, LG Electronics supplied GM with telematics in 2007 for an OnStar system and LG Chem supplied the battery cells in the original Chevy Volt in 2010.
GM seemingly has big aspirations for the Bolt EV. The car is said to go around 200 miles on a charge and cost somewhere around $30,000 — around the same price as Tesla’s upcoming affordable EV. The car will be built in Michigan starting in late 2016 and hit dealers shortly after that.