Renault Samsung Motors has announced that the Renault Group and LG Chem have signed an MOU to develop next-gen long-range electric vehicle (EV) batteries and thus forged a strategic partnership.

Both companies are planning to cooperate in the development of lithium-ion batteries used in long-range EVs.

Even though they did not elaborate on their target miles per charge, the current value of 93 miles will reportedly double, reports say.

To attain their target, LG Chem's high-energy-density batteries will be used in the joint development.