Shulou(Shulou.com)11/24 Report--

Thank you CTOnews.com netizen Mr. Aviation for the clue delivery! According to foreign media reports, General Motors and LG Energy Solution said they would invest an additional $275 million in a joint venture battery plant in Tennessee to increase production by more than 40%.

The Tennessee plant is reportedly one of three lithium ion battery plants being built by Ultium Cells LLC, a joint venture between GM and LG New Energy, with the other two in Michigan and Ohio, each measuring 2.8 million square feet.

Ultium Cells LLC said the new investment is in addition to a $2.3 billion investment announced in April 2021 to build a plant in Tennessee that will begin production by the end of 2023.

The additional investment will increase the joint venture's annual battery production capacity from 35GWh to 50GWh and will create an additional 400 jobs. When fully operational, the plant will employ 1700 people.

Like other companies in the automotive industry, GM is currently constrained by supply of batteries for electric vehicles. The company has also chosen to partner with LG to expand its battery production capacity as quickly as possible.

In August, Ultium Cells LLC confirmed that GM and LG New Energy are considering building a fourth U.S. battery manufacturing plant in New Carlisle, Indiana.

At the time, a person familiar with the matter said the fourth plant was expected to be similar to the other three, with an investment of more than $2 billion, but it was unclear when it would open.

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