Battery giant LG Chem will supply at least one major automaker in 2016 with lithium-ion batteries to power an electric car with 200 miles of range or more, the company's chief financial officer said to Reuters.

Automakers that will get the second-generation batteries has not been disclosed yet.

General Motors executives have said that the automaker is working on an EV that will deliver at least 200 miles of range.

The automaker said it hopes to have a longer-range EV in the market sometime in 2016 in order to compete with the Tesla Model III.

Tesla's highly-anticipated vehicle is scheduled to be introduced between late 2016 and early 2017, according to Tesla.

The California-based EV maker has said the Model III will be available for around $40,000 and with a range of at least 200 miles.

Tesla already sells the Model S sports sedan with a number of battery options, all of which deliver in excess of 200 miles.

The base Model S with 208 miles of range starts at $70,000 before incentives.

General Motors plans to offer an EV with at least 200 miles of range for a price of around $30,000. Most major automakers are aiming at for that target price for their next generation electric vehicles, according to Doug Parks, GM's vice president for product development.

LG Chem currently supplies lithium-ion batteries to automakers like GM, Ford, Renault, Kia, Volvo, and Hyundai.

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