GM Teams Up With LG To Invest $4.5 Billion In US battery Operation: Report

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  • The company which has a joint venture with U.S. automaker General Motors, said the investment will help create 10,000 jobs, including subcontractors added the report.
  • GM and LG are currently building a $2.3 billion battery factory in Lordstown, Ohio, near Cleveland

As per a report by The Associated Press, LG Energy Solution will invest more than $4.5 billion in U.S. battery production by 2025. The company which has a joint venture with U.S. automaker General Motors, said the investment will help create 10,000 jobs, including subcontractors added the report.

The report added that GM and LG are currently building a $2.3 billion battery factory in Lordstown, Ohio, near Cleveland, that will employ about 1,000 people when it is completed in 2022. The companies hope to have a decision on a second site in the first half of the year.

Growth of the country’s electric vehicle and energy storage systems markets

The report said that General Motors has decided to make its entire global fleet largely electric by 2035. It promised to roll out 30 new battery-powered vehicles globally within five years.

The report said that not only is the administration of President Joe Biden laying out plans to tackle climate change, it’s also prioritising new supply chains which it now considers a national security concern. The report added that Jong Hyun Kim, CEO of LG Energy Solution said that the goals of the U.S. president and automakers will be a propelling factor in the growth of the country’s electric vehicle and energy storage systems markets. He added that LG Energy Solution is dedicated to expanding its battery production capacity and structuring a stable, localized supply chain that provides everything from R&D to production.

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