GM to announce Volt battery supplier Monday
DETROIT (Reuters) - General Motors Corp GM.N will announce a battery supplier for the all-electric Chevrolet Volt on Monday, the automaker's product development chief said.
GM Chief Executive Rick Wagoner will announce the automaker's pick to supply lithium-ion batteries for the Volt at the Detroit auto show, GM Vice Chairman Bob Lutz told reporters on Sunday.
Two suppliers have been in the running to provide lithium-ion batteries for the Volt, a highly anticipated, rechargeable car that GM plans to start making in November 2010.
The Volt, which is being designed to run 40 miles on battery power alone, has become the centerpiece of GM's attempt to reinvent its product line and focus on developing more fuel-efficient vehicles.
The Volt battery contract has also been closely watched as the first test for an emerging technology expected to generate billions of dollars in sales in the coming decade.
A unit of Korea's LG Chem (051910.KS) has been competing against a tie-up between German auto parts supplier Continental AG (CONG.DE) to supply batteries for the Volt.
"We are confident that the Volt battery will work and meet its lifetime goals," Lutz said. He declined to name GM's chosen supplier ahead of Monday's announcement.
(Reporting by Kevin Krolicki; Editing by Bernard Orr)
