Tesla (TSLA) Competitor Looks to Produce Low-Cost, 200-Mile EV Battery (GM)

Tesla (Nasdaq: TSLA) shares are on watch Monday following news that LG Chem is working on a strong battery contender.

The WSJ said LG Chem could product a battery which gives electric vehicles a $200 mile range and potential cost of around $40,000.

LG Chem Power CEO, Prabhakar Patil, commented to the WSJ, We are definitely working on making a 200-mile-range battery electric vehicle at around the $30,000 to $35,000 price target ... It's more than a possibility. We feel we will be able to support such a vehicle around the 2017 timeframe.

General Motors (NYSE: GM), which builds the Chevy Volt hybrid, contracts with LG Chem and has said it plans to make a 200-mile range vehicle which could start as low as $30,000.

Tesla shares are up 5 percent on Monday.

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