AGL 40.15 Increased By ▲ 0.15 (0.38%)
AIRLINK 130.70 Increased By ▲ 1.17 (0.9%)
BOP 6.85 Increased By ▲ 0.17 (2.54%)
CNERGY 4.63 No Change ▼ 0.00 (0%)
DCL 9.00 Increased By ▲ 0.06 (0.67%)
DFML 43.51 Increased By ▲ 1.82 (4.37%)
DGKC 84.19 Increased By ▲ 0.42 (0.5%)
FCCL 33.00 Increased By ▲ 0.23 (0.7%)
FFBL 78.65 Increased By ▲ 3.18 (4.21%)
FFL 11.80 Increased By ▲ 0.33 (2.88%)
HUBC 110.80 Increased By ▲ 0.25 (0.23%)
HUMNL 14.63 Increased By ▲ 0.07 (0.48%)
KEL 5.68 Increased By ▲ 0.29 (5.38%)
KOSM 8.32 Decreased By ▼ -0.08 (-0.95%)
MLCF 39.81 Increased By ▲ 0.02 (0.05%)
NBP 61.00 Increased By ▲ 0.71 (1.18%)
OGDC 199.90 Increased By ▲ 0.24 (0.12%)
PAEL 26.80 Increased By ▲ 0.15 (0.56%)
PIBTL 7.82 Increased By ▲ 0.16 (2.09%)
PPL 160.49 Increased By ▲ 2.57 (1.63%)
PRL 26.85 Increased By ▲ 0.12 (0.45%)
PTC 18.80 Increased By ▲ 0.34 (1.84%)
SEARL 83.73 Increased By ▲ 1.29 (1.56%)
TELE 8.22 Decreased By ▼ -0.09 (-1.08%)
TOMCL 34.45 Decreased By ▼ -0.06 (-0.17%)
TPLP 9.12 Increased By ▲ 0.06 (0.66%)
TREET 17.05 Decreased By ▼ -0.42 (-2.4%)
TRG 59.83 Decreased By ▼ -1.49 (-2.43%)
UNITY 27.81 Increased By ▲ 0.38 (1.39%)
WTL 1.43 Increased By ▲ 0.05 (3.62%)
BR100 10,556 Increased By 149.1 (1.43%)
BR30 32,022 Increased By 309 (0.97%)
KSE100 98,490 Increased By 1161.1 (1.19%)
KSE30 30,645 Increased By 452.8 (1.5%)
Business & Finance

GM, LG Energy Solution to build 2nd US battery plant in Tennessee

  • The planned 2.8 million-square-foot plant, scheduled to open in late 2023, will employ 1,300 people and is expected to have a production capacity similar to the companies' Ultium Cells joint-venture plant in Lordstown, Ohio, of about 35 gigawatt-hours as they move to respond to the growing demand in the electric vehicle market.
  • LG Chem said in a regulatory filing that its LG Energy Solution unit will invest $933.5 million in the plant between this year and 2023.
Published April 16, 2021

DETROIT: General Motors Co and South Korean joint-venture partner LG Energy Solution on Friday said they will build a second US battery cell manufacturing plant, revealing plans for a $2.3 billion factory in Spring Hill, Tennessee.

The planned 2.8 million-square-foot plant, scheduled to open in late 2023, will employ 1,300 people and is expected to have a production capacity similar to the companies' Ultium Cells joint-venture plant in Lordstown, Ohio, of about 35 gigawatt-hours as they move to respond to the growing demand in the electric vehicle market.

"The addition of our second all-new Ultium battery cell plant in the US with our joint venture partner LG Energy Solution is another major step in our transition to an all-electric future," GM Chief Executive Mary Barra said in a statement.

LG Chem said in a regulatory filing that its LG Energy Solution unit will invest $933.5 million in the plant between this year and 2023.

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, sources previously told Reuters.

Source have said the No. 1 US automaker will need more battery plants beyond Tennessee to meet aggressive EV targets, including the projected sales of more than 1 million EVs globally in 2025. GM's longer-range target includes halting sales of light-duty gasoline and diesel-powered vehicles by 2035.

Most battery manufacturing is currently concentrated in China and Korea, while Tesla and Japanese partner Panasonic largely control most US battery production.

When it opens, the new GM-LG battery plant will supply batteries for the Cadillac Lyriq crossover EV that GM is slated to start building at its nearby Spring Hill assembly plant next year. LG is expected to supply the batteries from Korea until then.

Supplier sources said a second Cadillac electric crossover, called Symboliq, is expected to join the Lyriq in production at Spring Hill in 2024, along with two new electric crossovers for Honda and its premium Acura brand.

GM said in October 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.

GM is expected to build EVs in five North American plants by 2025 - two in Michigan, and one each in Tennessee, Ontario, Canada, and Mexico, according to research firm AutoForecast Solutions.

LG Energy Solution said last month it planned to invest more than $4.5 billion in US battery production over the next four years, including plans to build at least two new plants.

Comments

Comments are closed.