General Motors and LG Chem to form a $2.3bn joint venture.

General Motors and LG Chem agreed to form a joint venture to mass-produce battery cells for future battery-electric vehicles. Together, the companies will invest up to a total of $2.3bn. The JV will establish a battery cell assembly plant on a greenfield manufacturing site in the Lordstown area of Northeast Ohio that will create more than 1.1k new jobs. The collaboration also includes a joint development agreement that brings together two leaders in battery science to develop and produce advanced battery technologies, with the goal of reducing battery costs to industry-leading levels. “Our joint venture with the No. 1 American automaker will further prepare us for the anticipated growth of the North American EV market, while giving us insights into the broader EV ecosystem. Our long-standing history with General Motors has proven our collective expertise in this space, and we look forward to continuing this drive for zero emissions,” Hak-Cheol Shin, LG Chem Vice Chairman & CEO.