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Thursday, August 25, 2011

GM and LG to Jointly Develop Electric Vehicles

- GM and LG to Jointly Develop Electric Vehicles

Aug 25, 2011

General Motors and LG Group will join forces in design and engineer future electric vehicles, expanding a relationship built on LG's work as the battery cell supplier for the Chevrolet Volt and Opel Ampera extended-range electric vehicles.

The definitive agreement will assist GM expand the number and types of electric vehicles it makes and sells by using LG's proven expertise in batteries and other systems.

Timing of the launch of the first vehicles resulting from the partnership will be announced closer to market readiness. The agreement does not involve an exchange of equity between the companies.

General Motors (NYSE:GM) has a potential upside of 85.6% based on a current price of $22.3 and an average consensus analyst price target of $41.38.

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