Korea’s LG Chem and U.S. auto giant GM to build US$ 2.3 bil. electric vehicle battery…


LG Chem is teaming up with General
Motors the equally owned joint venture will help the South Korean firm and
supply batteries to the American auto giants next generation electric vehicles
Kim song has the full story LG Chem and General Motors will open a joint venture
of Factory in the US state of Ohio to make battery cells for electric vehicles
the Korean chemical company said Friday that the two firms will each invest 50
percent up to a total of 2.3 billion u.s. dollars by 2023 the plant will make
battery cells for GM’s upcoming range of all-electric vehicles construction of
the plant is set to begin in mid 2020 and the factory is expected to Korea
more than 11 under jobs in the city of Lordstown Ohio which lost thousands of
jobs when GM closed its assembly plant there last March the joint venture plans
annual capacity will reach more than 30 egoic hours compared to 20 kilowatt
hours at Tesla’s Giga factory in Nevada at a media event at GM’s battery lab in
Michigan on Thursday local time LG Chem vice chairman and CEO she knocked
charges throughout the joint venture as more than just a mere collaboration
saying that it marks the beginning of a great journey that will transform the
global automotive market into an eco-friendly era GM CEO and chairman
Mary Barra said the combination of GM’s manufacturing expertise and LG Kim’s
leading battery cell technology will help scale production and enhance
electric vehicle profitability and affordability LG Chem expects its
battery business to grow to 25 billion u.s. dollars by 2024 it currently
provides battery cells for GM’s Chevy Volt electric car among others the Ohio
plant will be the LG Kim’s second better in making facility in the u.s. following
its Michigan plant built in 2012 Kumasi arirang news