Without LG Chem, we couldn’t build Bolt EV — GM

“We expect our earnings to accelerate in the next several years, with double-digit earnings per share growth”. It is expected that the vehicle will be priced around $35,000, and have a 200-mile range.

Back in 2007, LG and GM had a previous history in making cars. A few of the components supplied by LG for the project include the vehicle’s instrument cluster, the communications mechanism between the vehicle and a charging station, battery cells, power inverter and more. Another LG-owned company, LG Chem, and GM have a long-standing relationship: the company was chosen as the sole supplier of battery cells for the first-generation Chevrolet Volt, which launched in 2010.

LGChem is the materials and battery division of LG. “I think we have found something completely different with LG and I think that has become a widely talked about and duplicated want from our purchasing and corporate standpoint with our supply base”. According to Chevrolet’s press release, LG has invested more than $250 million in a manufacturing facility in Incheon, Korea to build the EV’s parts.

It also may be a sign of more tech companies merging with the automotive industry, noted Woo-jong Lee, president and CEO of the LG Electronics Vehicle Components Co. Power comes from the two electric motors simultaneously working together where it can conserve electricity and in the mean time function efficiently. “Today’s competitive landscape requires a different approach, especially in electrified vehicles”, he said.

The Detroit automaker will collaborate with the Korean electronics company. Tesla Motors Inc (NASDAQ:TSLA) has joined hands with Panasonic, the largest battery producer in the world, which will make batteries for Tesla’s “gigafactory”.

General Motors is getting serious about electric cars.

The next generation Chevrolet Bolt is going to be a completely electric vehicle.

Apple is in talks with German automaker BMW AG to work on its electric auto prototype, and Google is looking for vehicle manufacturers to collaborate with on its self-driving vehicle.

Under the deal, both the companies will be involved in offering first long-range, affordable EV, infotainment, battery systems and component development to the consumers.