image credit: DennisM2 / Flickr

GM and LG to spend $2.3 billion on second EV battery plant in U.S.

April 16, 2021


General Motors and South Korea’s LG Chem will invest more than $2.3 billion in a second U.S. battery cell plant for electric vehicles in Tennessee, the companies announced Friday.

The plant for their Ultium Cells LLC joint venture will be to support production of GM’s upcoming Cadillac Lyriq crossover and other future EVs at a nearby assembly plant.

The supply and production of battery cells are crucial for automakers pivoting to electric vehicles. The joint venture for the new plant while its first is still under construction in Lordstown, Ohio, underscores that.

Read More on CNBC