Pictured is Lyriq, Cadillac’s first electric sports utility vehicle (SUV). (Image provided by GM Korea)
SEOUL, June 26 (Korea Bizwire) – In a move that underscores the strong partnership between LG Group and General Motors (GM), LG Chemical and LG Energy Solution are set to become the first buyers of the Cadillac Lyriq electric vehicle in South Korea.
Industry sources revealed on June 25 that LG Chemical and LG Energy Solution will participate in a “First Lyriq Purchase Agreement Ceremony” with GM Korea on June 26. This ceremony marks the acquisition of the first Lyriq vehicle by LG Group companies since its launch in South Korea last month, reinforcing the collaboration between GM and LG in the electric vehicle sector.
The Cadillac Lyriq, a mid-size luxury SUV, represents GM’s inaugural entry into the all-electric vehicle market. It’s built on GM’s next-generation modular electric vehicle platform, known as Ultium.
The partnership between LG and GM extends beyond this purchase. The two companies operate three electric vehicle battery plants in the United States through a joint venture. The Lyriq is equipped with batteries produced at their second plant, located in Tennessee.
LG Energy Solution’s 102 kWh Nickel-Cobalt-Manganese-Aluminum (NCMA) battery powers the Lyriq, providing an impressive driving range of 465 km on a single charge.
This purchase agreement follows a series of collaborative efforts between the two companies. In February, GM CEO Mary Barra met with LG Energy Solution executives to discuss battery business cooperation. Additionally, GM signed a contract with LG Chemical for the supply of cathode materials, valued at approximately 25 trillion won.
During an earnings call in January, Barra expressed GM’s intention to maintain strong relationships with Korean battery manufacturers. She also announced plans to launch plug-in hybrid (PHEV) models in response to slowing demand for fully electric vehicles.
Kevin Lee (kevinlee@koreabizwire.com)
