“GM and LG Chem will form a joint venture to mass-produce batteries for EVs including GM’s new e-truck coming in the fall of 2021. The two companies will invest up to US$2.3 billion in the new joint venture which will establish an assembly plant in Ohio. They also plan to establish a co-operation system in the entire production process ranging from the purchase of battery cell materials, the production of cells to installation on GM’s EVs.
We believe that the combination of GM’s manufacturing expertise and LG Chem’s leading battery-cell technology will help them gain the upper hand in the fast-growing US EV market. The deal will mean more to LG Chem, which will establish a >30GWh plant in the US, and will boost its battery business in the long term.” – Liz Lee