GM and LG Chem are forming a $2.3 billion joint venture to produce battery cells for electric vehicles. “General Motors believes in an all-electric future,” GM CEO Mary Barra says.
will invest up to $2.3 billion by 2023 to form a joint venture in Ohio for the production of battery cells for electric vehicles.
Shares of GM were relatively flat after opening at $35.60 on Thursday. The stock, which has a market value of nearly $51 billion, has gained 6% since the start of the year.said the new plant is "another important and significant step toward an all-electric future," which includes at least 20 new all-electric vehicles globally by 2023.
The plant, according to GM, is expected to drive cost per kilowatt-hours, a key metric for making electric vehicles more affordable, to "industry-leading levels." "The joint venture that we are signing today is more than just a collaboration," he said Thursday at the media event. "It marks the beginning of a great journey that will create an emission-free society and transform the global automotive market into an eco-friendly era."
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