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Is there a new player in the electric automobile industry? It appears so, if we based it on General Motors’ announcement of its strategic alliance with Korean company LG on Tuesday.
According to ValueWalk, the veteran automaker outlined its wide-ranging partnership with LG in order to built and produce the 2017 Chevrolet Bolt electric car model. GM Executive VP Mark Ruess expressed confidence that through the alliance, it will be able to debut its electric car ahead of Tesla Motors’ highly anticipated Model 3.
Sam Abuelsamid for Forbes said the alliance might have been the very reason why GM remained mum over the call made by Fiat Chrysler Automobiles Sergio Marchionne to increase industry consolidation to spread the costs of developing new automobile technologies. Marchionne has since urged investors to back him up for a merger to set on GM’s table.
Business Insider said that the deal between GM and LG is the most extensive one between an overseas supplier and an American automaker.
