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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."