General Motors and South Korea’s LG Chem stated on Thursday they will invest $2.3 billion to construct an electric vehicle battery cell joint venture plant in Ohio, forming one of the world’s largest battery facilities.
The plant, to be constructed near GM’s closed assembly plant located in Lordstown in northeast Ohio, will employ over 1,100 people, the companies stated. Construction is to start in mid-2020 and the plant will have a yearly capacity of over 30 gigawatt-hours with the flexibility to expand.
At a media briefing, GM CEO Mary Barra stated the 50-50 joint venture with LG Chem is intended at “dramatically enhancing electric vehicle affordability and profitability.”
Barra stated the Ohio battery plant will speed up the automaker’s initiative to introduce 20 new electric vehicles worldwide by 2023.
“General Motors believes in the science of global warming and believes in an all-electric future,” she added.