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GM and Korea's LG Chem announced a $2.3 billion joint venture on Thursday to mass-produce battery cells for electric vehicles in Ohio, creating 1,100 new jobs.

Why it matters: The new battery plant could likely employ many of the 1,200 auto workers who lost their jobs when GM shut its Lordstown car assembly plant in March. And it's a further sign of GM's commitment to an electric car future.

Details: GM and LG Chem, one of the world's largest battery manufacturers, will each invest more than $1 billion in the new joint venture to be located in northeast Ohio, near the old Lordstown factory.

  • The cell manufacturing plant will have an annual capacity of more than 30 gigawatt hours, with flexibility for expansion, making it one of the world's largest battery factories.
  • Tesla's gigafactory in Nevada reached an annualized production rate of roughly 20 GWh in mid-2018, according to Tesla's website.
  • Construction will begin in 2020, and be completed in 2023.
  • GM plans to introduce 20 new electric models by 2023.

Between the lines: In addition to cell manufacturing, the two companies will jointly work on advanced technologies to further reduce the cost of batteries and make electric vehicles more affordable.

What they're saying:

  • GM Chairman and CEO Mary Barra: "With this investment, Ohio and its highly capable workforce will play a key role in our journey toward a world with zero emissions. Combining our manufacturing expertise with LG Chem's leading battery-cell technology will help accelerate our pursuit of an all-electric future."
  • LG Chem Vice Chairman and CEO Hak-Cheol Shin: "Our joint venture with the No. 1 American automaker will further prepare us for the anticipated growth of the North American EV market, while giving us insights into the broader EV ecosystem."

Go deeper

35 mins ago - Politics & Policy

Beto not even best Dem against Abbott

Beto O'Rourke speaks at a rally at the Texas State Capitol in June. Photo: Sergio Flores/Getty Images

Actor Matthew McConaughey’s nine-point lead in a theoretical matchup against Greg Abbott shows just how vulnerable the hard-right Texas governor could be in a general election.

Why it matters: Abbott has won conservative accolades for his abortion, mask and vaccine bans. Axios reported Sunday that former Rep. Beto O’Rourke is preparing to announce a gubernatorial challenge — but a recent poll shows he’s not even the most popular Democrat in the state.

35 mins ago - Politics & Policy

Delayed maps upend midterm campaigns

Illustration: Shoshana Gordon/Axios

Midterm candidates are panicking about how the congressional maps will ultimately be drawn, with several strategists telling Axios campaigns are in limbo.

Why it matters: Candidates are unsure if the district they're targeting will remain intact or be reshaped by the process. The uncertainty is especially vexing to Democrats, who are vying to maintain their narrow margin in the House.

First look: Conservatives' 2022 big target: Tax increases

Illustration: Aïda Amer/Axios

Conservative groups are unveiling huge ad-buys going after vulnerable House Democrats over tax increases and other revenue measures in their party's massive infrastructure spending bill, Axios has learned.

Why it matters: President Biden and Democrats have an immense amount of political capital riding on a $3.5 trillion bill facing razor-thin margins in both chambers. Conservatives are running ads targeting the House members who leaders will need to pass the measure.

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