GM and LG Chem team up for battery production
On Thursday, the American carmaker group General Motors announced it would create a joint venture with the Korean LG Chem for battery production in the US. A total investment of 2,3 billion dollars will result in the construction of a new 30 GWh/year battery plant in Ohio in mid-2020.
General Motors is readying up to put its money where its mouth is. After promising the production of about twenty new electric models by 2023, GM decided to team up with LG Chem for the production of batteries.
More than Tesla
American General Motors and Korean LG Chem will create a joint venture that will result in the construction of an important battery production plant. To be located in Ohio, it represents a 2,3 billion dollars investment and should create 1.100 new jobs in the US.
The American group claims that the new plant will have a yearly battery pack production rate of more than 30 GWh. If that claim ever comes true, it will have exceeded Tesla’s Mega Factory 1 production. Last year, Elon Musk’s Nevada plant produced a total of 20 GWh/year.
The joint venture’s battery pack should exclusively take place in General Motors’ (Chevrolet, Buick, GMC, and Cadillac) vehicles. LG Chem already provides battery cells for the Chevrolet Bolt.
“Our joint venture with the number one American carmaker will further prepare us for the anticipated growth of the North American EV market while giving us insights into the broader EV ecosystem,” declared LG Chem CEO, Hak-Cheol Shin.