GM, S. Korea’s LG Chem to build $2.3 billion e-vehicle battery plant in Ohio


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GM, S. Korea’s LG Chem to build $2.3 billion e-vehicle battery plant in Ohio

On Thursday, the 5th of December 2019, Detroit-based American multinational carmaker General Motors Co., alongside South Korea’s LG Chem had issued a joint statement saying that the companies would invest a hefty total of $2.3 billion in a bid to build an electric vehicle battery plant in the midwestern US state of Ohio, which in effect would be creating the world’s one of the largest e-vehicle battery plants.

In point of fact, United States had been falling behind in an e-vehicle battery manufacturing race against China over the recent years, as a large-scale availability to chemicals required for e-vehicle batteries combined with a much-cheaper workforce was keeping US investors at bay, but Thursday’s (December 5th) joint statement from GM and LG Chem to invest as much as $2.3 billion in the United States came as a fresh breather for a sharply squeezing US e-vehicle industry amid a much-hawkish approach from its European rivals, while United States’ home-grown e-vehicle industry Goliath Tesla Inc.’s China-dependency for battery cells had also been stoking a catastrophic impact on US e-vehicle battery industry.

However, adding that the Detroit-based carmaker would create a 50-50 e-vehicle battery cell JV with S. Korea’s LG Chem, at a post-announcement media briefing on Thursday (December 5th), GM Chief Executive Marry Barra said, “(The JV) is aimed at dramatically enhancing electric vehicle affordability and profitability. General Motors believes in the science of global warming and believes in an all-electric future. ”