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4/16, 4:31 PM (Source: TeleTrader)
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GM and LG invest $2.3B to build battery cell plant

Ultium Cells LLC, a battery-producing joint venture of LG Energy Solution and General Motors, announced on Friday a project that raised over $2.3 billion in investments to build a second battery cell manufacturing plant in the United States.

The new facility will be built on an area of 2.8 million square feet and is scheduled to open in late 2023. The plant will also create approximately 1,300 new jobs. Once completed, the factory will be supplying GM's electric vehicle assembly plant.

"The addition of our second all-new Ultium battery cell plant in the U.S. with our joint venture partner LG Energy Solution is another major step in our transition to an all-electric future," said GM CEO Mary Barra.

Breaking the News / LH