GM and LG will invest $ 2.3 billion in the production of batteries for electric cars

GM and LG will invest $ 2.3 billion in the production of batteries for electric cars

December 6, 2019 0 By autotimesnews

The joint venture is located near the village of Lordstown, Ohio. It will create more than 1,000 jobs.

The American carmaker General Motors and the Korean company LG Chem have teamed up to create a joint venture that will help GM to create electric cars. According to a published press release, the parties will build an enterprise with equal shares of ownership, and the amount of investment in this promising project reaches $ 2.3 billion. They are planning to build a battery factory for electric cars of the American brand near the village of Lordstown, Ohio.

 For a small village, the new infrastructure will offer new jobs. It is planned that about 1,100 employees will work at the future plant.

 So far, the annual production capacity of the joint venture has been declared at 30 GW • h, but over time this figure is going to increase. GM noted that the construction of the plant will reduce the cost of batteries, which will affect the final price lists of electric cars: they will become more affordable, and therefore more attractive to customers.