South Korean tech giant LG Electronics is seeking a bigger role in the growing electric car sector having recently teamed up with General Motors to supply nearly all the powertrain parts and other components for the carmaker’s upcoming full-electric Chevrolet Bolt.
The Bolt, which will be on sale late next year, is intended to be the first mass-market, long-range EV produced by a U.S. carmaker.
GM’s Chevrolet Bolt EV concept
The car will have a range of 320 kilometers and cost about $30,000 after federal government rebates for electric vehicles.
Its concept car was unveiled in January at the Detroit Auto Show. Its key rivals include BMW’s i3 and Nissan’s Leaf.
The GM-LG partnership is one of the most extensive between a U.S. carmaker and a tech firm, showing a clear shift in future car development and production cost.
Several LG affiliates, including LG Chem, have worked closely with GM to develop electric motors, battery cells, dashboard displays and other electronics systems for Bolt.
“By taking the best of our in-house engineering prowess and combining the experience of the LG Group, we’re able to transform the concept of the industry’s first long-range, affordable EV into reality,” said Mark Reuss, GM’s global head of product development.
LG’s vehicle components business division chief Lee Woo-jong also had high expectations of the Bolt and other future projects.
“Our partnership with GM will pave the way for us to become a major force as a key parts supplier for futuristic vehicles,” he said. “We will help spur the EV market.”
Their partnership dates back to 2007 when LG provided the vehicle communications module for GM’s OnStar Telematics system. LG Chem supplied battery cells for the Chevrolet Volt, a plug-in hybrid launched in 2010.
LG Electronics is making a big push for its auto business, establishing a separate vehicle components business division in 2013.
The company has recently secured deals to supply information displays to Volkswagen’s Porsche and Honda. It is working together with Mercedes-Benz to develop stereo camera system -- a key technology for driverless cars.
LG Chem, the battery-making unit, currently supplies automotive batteries to the global top 20 carmakers, including Volkswagen’s Audi, Daimler and Ford.
By Lee Ji-yoon (
jylee@heraldcorp.com)
