GM, LG Chem to create $2.3 billion battery cell venture for electric vehicles, to create 1,100 jobs

Discussion in 'General' started by interestedinEV, Dec 5, 2019.

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  1. interestedinEV

    interestedinEV Well-Known Member

    https://www.cnbc.com/2019/12/05/gm-lg-to-form-2point3-billion-joint-venture-for-battery-cell-production.html

    A page out of the Tesla playbook???



    DETROIT – General Motors and LG Chem will invest up to $2.3 billion by 2023 to form a joint venture in Ohio for the production of battery cells for electric vehicles.

    The companies plan to build a battery cell factory in the Lordstown area of northeast Ohio. Construction of the plant, which is expected to be among the largest in the world, is scheduled to begin in mid-2020.

    The facility, according to GM, is projected to create 1,100 new jobs for the area, which lost thousands of jobs when the automaker shuttered its Lordstown assembly plant and sold it to an all-electric vehicle start-up earlier this year.

    The equally owned joint venture at this time plans to exclusively supply batteries for GM’s next generation of EVs, which GM has said is expected to arrive in 2021. The joint venture could decide to supply to other companies in the future, according to GM.
     
    Domenick likes this.
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  3. Well, good for Ohio! GM has taken a lot of criticism for closing US plants. This is a good political move for them as well. Interesting that they chose LG Chem (SK) over Panasonic (Japan).
     
  4. gooki

    gooki Well-Known Member

    Yah. One more factory 90 to go.
     
    O.B.A Akinbulumo likes this.

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