US Finalizes $2.5 Billion Loan to GM, LG Battery Joint Venture

US Finalizes $2.5 Billion Loan to GM, LG Battery Joint Venture
The new GM logo on the facade of the General Motors headquarters in Detroit on March 16, 2021. Rebecca Cook/Reuters
Reuters
Updated:

WASHINGTON—The U.S. Energy Department said on Monday it had finalized a $2.5 billion low-cost loan to a joint venture of General Motors Co. and LG Energy Solution to help pay for three new lithium-ion battery cell manufacturing facilities.

Reuters first reported in July the planned loan to Ultium Cells LLC from the government’s Advanced Technology Vehicles Manufacturing (ATVM) loan program.