LG Chem will establish a joint venture factory for battery-cell production for electric vehicles with the U.S. auto giant General Motors. The two companies will construct a 30GWh-scale battery cell production plant for electric vehicles in the U.S. state of Ohio, and supply entire production from the plant for GM’s next-generation electronic cars. The deal comes as GM, which seeks to secure stable supply of EV batteries, and LG Chem, which must gain the upper hand in the fast-growing American EV market, share common interests. LG Chem and GM exchanged a contract to establish the joint venture at the GM Global Tech Center in Michigan on Thursday. In attendance at the event were LG Chem Vice Chairman Shin Hak-cheol, and GM CEO Mary Barra. The two companies are set to invest 1 trillion won (approx. 840 million U.S. dollars) each to hold an equal stake in the new venture, and increase investments in phases. The cumulative total of their investment will amount to 2.7 trillion won (approx. 2.27 billion dollars). The two companies, which have also agreed to equally share the profit, plan to establish a cooperation system in the entire production process ranging from purchase of battery cell materials,… Read full this story
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