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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

Inaugural address: Biden vows to be "a president for all Americans"

Moments after taking the oath of office, President Joe Biden sought to soothe a nation riven by political divisions and a global pandemic, while warning that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

Why it matters: From the same steps that a pro-Trump mob launched an assault on Congress two weeks earlier, the new president paid deference to the endurance of American political institutions.

Updated 58 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden and Vice President Harris review readiness of military troops, a long-standing tradition to signify the peaceful transfer of power.

Updated 1 hour ago - Politics & Policy

In photos: The Biden and Harris inauguration

Joe Biden is sworn in as the 46th president of the United States. Photo: Alex Wong/Getty Images

Joe Biden and Kamala Harris were inaugurated as president and vice president respectively in a ceremony at the U.S. Capitol on Wednesday morning.

Why it matters: Top Democrats and Republicans gathered for the peaceful transfer of power only two weeks after an unprecedented siege on the building by Trump supporters to disrupt certification of Biden's victory. Trump did not attend Wednesday's ceremony.

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