General Motors has announced it will be building a second battery cell manufacturing plant in the US alongside its joint-venture partner LG Energy Solution.
The deal, announced on Friday, will see the two companies invest more than $2.3 billion in a battery cell plant in Tennessee, that will produce electric vehicle batteries for GM’s upcoming Cadillac Lyriq model and other future EVs at the company’s neighbouring assembly facility. Construction of the 2.8 million square-foot plant is expected to commence immediately, and is slated to open sometime in 2023.
“The addition of our second all-new Ultium battery cell plant in the U.S. with our joint venture partner LG Energy Solution is another major step in our transition to an all-electric future,” said GM CEO Mary Barra in a news release. Once completed, the battery facility is expected to create approximately 1,300 new jobs, and will have a large enough capacity to produce enough battery packs for over 500,000 electric vehicles each year.
The latest announcement follows a concurrent review by the Biden administration regarding America’s supply chain of advanced batteries, pharmaceuticals, critical minerals and semiconductors. President Joe Biden arranged the review amid an ongoing global shortage of semiconductor chips, that has shuttered numerous vehicle manufacturing plants around the world.
Information for this briefing was found via General Motors. Thee author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
