The costs to develop a new product like an electric car are astronomical and the risk of failure is not insignificant. This is the reason you see major companies joining forces to develop new platforms and systems in the automotive and other markets. Recently Ford and Toyota announced plans to jointly develop a new hybrid platform. These partnerships help to distribute the costs and risks of development between more companies making it more affordable and less risky for one firm trying to go alone.
The latest partnership in the automotive world is between GM and LG. The two firms have announced that they will be jointly developing EVs. LG has previously been the battery supplier for the Chevrolet Volt and the Opel Ampera extended range EVs. Both of those vehicles are under the GM umbrella. The agreement will help GM expand the number and type of EVs that it makes and sells and allow the integration of LG tech in battery and other EV systems.
For LG the move allows it to expand its reach in the automotive solutions sector. The Volt and Ampera have been successful vehicles, even though they are lower volume offerings. Engineering teams from both companies will work together to develop and design key components for future EVs as well as vehicle structures and architectures.