South Korea’s LG Chem said it would invest $916 million in its U.S. subsidiary by 2023 to set up an electric vehicle battery joint venture with General Motors.
South Korea’s LG Chem said on Thursday it would invest $916 million in its U.S. subsidiary by 2023 to set up an electric vehicle battery joint venture with General Motors.
An LG Chem spokesman confirmed an earlier Reuters report on the joint venture but declined to give details.
One source familiar with the matter told Reuters earlier that the facility, expected to be located in the Lordstown area of Ohio, would see an investment of more than $2 billion, with GM and LG Chem expected to invest more than $1 billion each.
The venture is likely to be signed on Thursday, sources said. A General Motors (GM) spokeswoman declined to comment. “Talks occur on a regular basis in the auto industry between a variety of partners on different topics, but as a matter of policy we don’t discuss who, where or when those discussions might occur,” she said.
The sources said workers at the plant were expected to be represented by the United Auto Workers union and earn in the range of $15 to $17 an hour.
A GM-LG plant could be the first unionized battery factory in the United States. Tesla’s factory and LG Chem’s battery factory in Michigan do not have unions.
Ohio has become a lightning rod in the 2020 presidential election after GM announced in November 2018 plans to close a car manufacturing plant in Lordstown, drawing condemnation from U.S. President Donald Trump.
The plant’s closure was one issue during a lengthy strike by GM workers.
GM said in September it planned to bring battery cell production to the Lordstown area, which it said would create about 1,000 manufacturing jobs. Reuters first reported in July that LG Chem was considering its second U.S. factory with production slated to start in 2022. LG’s second plant would make modular batteries for multiple GM vehicles, including a future Cadillac EV, a second source told Reuters. Last month, GM sold its shuttered Lordstown Assembly plant to a start-up company that plans to begin building electric pickup trucks by the end of 2020.
Our mission is to promote innovative technology vehicles through the use of alternative fuels and electricity as their vehicles propelling energy sources.
Lucid: we can take it to a whole new level of range and efficiency
Lucid Air is finally going to come to market this year after a delay of a few years – likely becoming the first of the new wave of California EV startups to bring an electric car to production after Tesla.
The world’s most efficient electric vehicle
Team Eximus – made up of students from two Swedish universities – has broken the world record for the most efficient battery-operated car since it first entered the competition in 2016.
The one electric vehicle indicator that only goes up
In its 2015 projection, OPEC anticipated less than 50 million electric vehicles on the road in 2040. In its 2018 projection, OPEC expects 300 million electric vehicles at that date.
Race To Zero
Race To Zero is a global campaign to rally; leadership and support from businesses, cities, regions, investors for a healthy, resilient, zero-carbon recovery that prevents future threats, creates decent jobs, and unlocks inclusive, sustainable growth.Read more
Electric cars VAT exemption plan
There’s currently a wide effort to involve electric car incentives in recovery plans around the world and in Europe, it might actually work.Read more
Universal Smart EV charger
Charget to Charge Electric Marathon 2021 Star Race with Latest Smart Charger!Read more
BMW unveils new aero EV wheels for iX3, iNext, and i4
BMW unveils its new aero wheels that will debut on the iX3 electric SUV later this year, but they will also be available on all its other upcoming electric cars, like the iNext, and i4 next year.Read more