LG Chem said in a regulatory filing that its LG Energy Solution unit will invest $933.5 million in the plant between 2021 and 2023
Joint venture partners General Motors Co and LG Energy Solutions announced their plans to build a $2.3 billion battery cell manufacturing plant in Spring Hill, Tennessee. This will be their second factory of the kind.
As per Reuters, the 2.8 million sq ft plant is expected to have a production capacity of about 35 gigawatt-hours, similar to the companies’ Ultium Cells joint-venture plant in Lordstown, Ohio. It is scheduled to open at the end of 2023 and will employ 1,300 people.
GM CEO Mary Barra said in a statement, “The addition of our second all-new Ultium battery cell plant in the U.S. with our joint venture partner LG Energy Solution is another major step in our transition to an all-electric future.”
LG Chem said in a regulatory filing that its LG Energy Solution unit will invest $933.5 million in the plant between 2021 and 2023.
Sources informed Reuters that GM and LG Energy Solution will use a different, less-expensive battery chemistry in Tennessee than the one from the Lordstown plant that opens next year.
GM has earlier said that it would invest $2 billion in Spring Hill to build EVs. The Detroit automaker said last year it was investing $27 billion in electric and autonomous vehicles over the next five years.
LG Energy Solution said last month it planned to invest more than $4.5 billion in U.S. battery production over the next four years, including plans to build at least two new plants.
