GM and Korean electronics company LG will jointly engineer electric vehicles for multiple markets.

General Motors announced today that it has signed an agreement with LG Group, a Korean producer of electronics and batteries, that will have the two companies working together to design, engineer and sell electric vehicles.

"Many solutions for tomorrow's transportation needs may be available more quickly by building on our partnership strategy,"¯ said GM Vice Chairman Steve Girsky. "¯Consumers benefit by getting the latest fuel-saving technology faster if we work with the best suppliers and we save time and money in the development process."¯

The move, which follows on the heels of Ford and Toyota's hybrid pickup partnership, will expand an existing relationship between GM and LG that started with LG delivering the cells for the battery pack of the Chevrolet Volt and Opel Ampera.

The companies stated that they planned to jointly develop "key components, as well as vehicle structures and architectures" for several pure electric vehicles to be sold in multiple markets in the coming years. Release timing and other vehicle details will be revealed later in the development process.

GM believes that electric vehicles will play a major role in reaching stringent emission and fuel consumption regulations around the world, including the recent agreement calling for a U.S. Corporate Average Fuel Economy (CAFE) of 54.5 mpg by the end of the 2025 model year.