According to people familiar with the matter, General Motors and its South Korean joint venture partner LG Chem will announce on Friday that the two sides plan to invest US$2.3 billion to build a second battery manufacturing plant in Spring Hill, Tennessee, USA.
It is reported that compared with the previous joint venture battery plant established by the two companies in Ohio, the new plant will use a more cost-effective battery chemistry. The batteries produced will be used in Cadillac’s Lyriq electric SUV. GM The car will begin production of the model at an assembly plant near Spring Hill next year. People familiar with the matter said that the current start-up time and production capacity of the new battery plant project is still unclear, and the details are expected to be announced as early as Friday.
General Motors has not confirmed these details and will not comment. A spokesperson for LG did not comment for the time being. A spokesperson for the Tennessee Department of Economic Development also declined to comment.
GM has previously stated that it will invest US$27 billion in electric and autonomous vehicles in the next five years. The company set a goal in January of this year to stop selling light-duty gasoline and diesel vehicles by 2035.