GM, LG Chem to invest $2.3 billion in EV battery joint venture
GM Chairman and CEO Mary Barra said Thursday morning that the automaker is forming a joint venture with LG Chem to mass produce battery cells for its electric vehicles, which will include an all-new battery-electric truck coming in the fall of 2021.
The two companies said they will invest up to a total of $2.3 billion into the new joint venture that will include establishing 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. Groundbreaking is expected to take place in mid-2020.
“With this investment, Ohio and its highly capable workforce will play a key role in our journey toward a world with zero emissions,” Barra said. “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.”
The investment comes in addition to GM’s $28 million investment in its Warren, Michigan battery lab announced late last year.