GM Announces 50-50 Joint Venture In Ohio With LG Chem

Published On 12-Dec-2019 13:19:37By Anand Priyadarshi

 The new plant will provide batteries for various forthcoming electric vehicles from GM

GM announces 50-50 joint venture in Ohio with LG Chem

General Motors CEO Mary Barra has declared a 50-50 joint venture valued at $2.3 billion with South Korea's LG Chem with the aim to manufacture lithium-ion battery cells in Ohio. The manufacturing hub will be located in Lordstown, which is close to the newly inaugurated Cruze assembly plant. According to the reports, the new plant will provide batteries for various forthcoming electric vehicles from GM , it also includes a pickup truck that can be expected to hit the production in late 2021.

Barra said in a briefing "We're excited about what we're going to accomplish with this first facility. We are still on track to have about 20 electric vehicles globally by 2023. We believe by working together, and we'll accelerate and get to industry-leading cost levels. General Motors is committed that our next-generation of the new battery electric vehicle architecture will be desirable, profitable, with the right range and affordable. It's got to be affordable to drive the volumes and really drive EVs in the marketplace. Customers are really looking for affordability."

The sources reveal that LG and GM have been operating together since the year 2008 during the expansion of the first-generation Chevrolet Volt. At that time, GM has employed LG battery cells in almost every plug-in vehicles that it has manufactured since late 2010.

The company said that the planned battery manufacturing plant is expected to have a capacity to manufacture more than 30 gigawatt-hours of battery cells annually, and is sketched in such a way that it can be expanded with ease. If we assume that a single-vehicle will take around 90 kWh, then the plant will be capable of producing about 330,000 vehicles in a year.

Source: Forbes

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