- The duo has announced an investment of $2.3 billion through a new, equally owned, joint venture company
- This investment builds on GM’s $28 million investment in its Warren, Michigan battery lab announced late last year
General Motors (GM) and LG Chem have announced plans to mass-produce battery cells for future battery-electric vehicles. The JV (joint-venture) will establish a battery cell assembly plant on a greenfield manufacturing site in the Lordstown area of Northeast Ohio that will create more than 1,100 new jobs.
“Our joint venture with the number one American automaker will further prepare us for the anticipated growth of the North American EV market, while giving us insights into the broader EV ecosystem. Our long-standing history with General Motors has proven our collective expertise in this space, and we look forward to continuing this drive for zero emissions,” said LG Chem vice chairman and CEO Hak-Cheol Shin.
Joint venture investment of up to a total of $2.3 billion
The duo have also announced an investment of $2.3 billion through a new, equally owned joint venture company. This collaboration also includes a joint development agreement that brings the two together in battery science to develop and produce advanced battery technologies, with the goal of reducing battery costs to industry-leading levels.
It builds on GM’s $28 million investment in its Warren, Michigan battery lab announced late last year. It is also in addition to manufacturing investments in Ohio announced earlier this year totaling approximately $700 million that will create about 450 jobs in Toledo, Parma and Brookville, Ohio.
“With this investment, Ohio and its highly capable workforce will play a key role in our journey toward a world with zero emissions. Combining our manufacturing expertise with LG Chem’s leading battery-cell technology will help accelerate our pursuit of an all-electric future. We look forward to collaborating with LG Chem on future cell technologies that will continue to improve the value we deliver to our customers,” said GM chairman and CEO Mary Barr.
