LG Chemical, GM to invest up to US$2.27B in EV battery joint venture in Ohio
The photo shows GM CEO and Chair Mary Barra and LG Chemical CEO Shin Hak-cheol. Sketched by the Pan Pacific Agency.
SEOUL, Dec 10, 2019, Hankyoreh. LG Chemical and General Motors (GM) have agreed to establish a joint venture for electric vehicle (EV) batteries, Hankyoreh reported.
The two companies will split ownership of a new EV battery cell plant that’s to be constructed in Lordstown, Ohio. Each company will make an initial investment of 1 trillion won (US$840.1 million), with the total investment eventually going up to 2.7 trillion won (US$2.27 billion). Groundbreaking for the plant is expected to begin in mid-2020.
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