GM is teaming up with Korea’s LG Chem to invest $2.3 billion in development and a battery cell factory in Lordstown, about 60 miles southeast of Cleveland. The facility is planned to supply power-pack cells for a new generation of GM battery-electric vehicles—including a pick-up truck planned for 2021.
Planned for a greenfield manufacturing site, GM says the new state-of-the-art factory will help the parent company benefit from economies of scale and bring down the cost of electric vehicles (EVs) for consumers. In a statement, GM said that “The plant will be extremely flexible and able to adapt to ongoing advances in technology and materials.” The 50:50 joint venture will also involve cooperation in battery research and development to further reduce battery costs, and GM expects to break ground in mid-2020.
