General Motors (GM) and South Korean chemical company LG Chem are joining forces to build a new plant for the production of battery packs for electric cars. The plans involve an investment of 2.3 billion dollars (2.07 billion euros).
GM and LG Chem set up a joint venture for the construction of the plant, which is to be built in the US state of Ohio. Work must start mid-next year. The plans create more than 1,100 new jobs.
GM and LG Chem are committed to an annual production capacity of more than 30 gigawatt hours, but also let it be known that there is room for expansion.
The new joint venture in the United States is an important battle for LG Chem, which is also engaged in fierce competition with the South Korean SK Innovation. Among other things, this led to lawsuits back and forth.
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