General Motors and LG Chem Team Up to Produce Batteries for Electric Vehicles
DETROIT—General Motors and LG Chem will form a joint venture company to mass-produce batteries for electric vehicles. Together, the companies will invest up to $2.3 billion in the company, which will establish an assembly plant on a greenfield site in the Lordstown area of Northeast Ohio. The project is expected to create more than 1,100 new jobs.
The state-of-the art plant will use the most advanced manufacturing processes to produce cells efficiently, with little waste, and will benefit from strong economies of scale throughout the value chain. The flexible plant will be able to adapt to ongoing advances in technology and materials.
The collaboration also includes a joint development agreement that brings together two leaders in battery science to develop and produce advanced battery technologies, with the goal of reducing battery costs to industry-leading levels.
Groundbreaking is expected to take place in mid-2020.
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