12/5/2019, 3:04 PM (Source: TeleTrader)
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GM, LG Chem to launch $2.3B joint venture in Ohio

LG Chem Ltd. and General Motors Co. announced on Thursday they will create an electric vehicle battery joint venture in Ohio.

The two companies agreed to invest up to $2.3 billion into the new equally owned business. The venture will establish a battery cell assembly plant in the Lordstown area of Northeast Ohio that will create more than 1,100 new jobs. The plant will use the "most advanced manufacturing processes all under one roof to produce cells efficiently, with little waste," the two companies said.

"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. We look forward to collaborating with LG Chem on future cell technologies that will continue to improve the value we deliver to our customers," GM chairman and chief executive Mary Barra said in the press release.

Breaking the News / MD