GM, LG Chem to Announce Joint Venture In Lordstown
YOUNGSTOWN, Ohio — Reuters is reporting this morning that General Motors and South Korea’s LG Chem will announce a $2 billion joint venture to build an electric-vehicle battery production facility in the Lordstown area.
Mary Barra, CEO of GM, has scheduled a conference call this morning with area reporters.
The Reuters story quoted an LG Chem spokesman as its source but offered no additional details. It was subsequently confirmed by The New York Times.
The joint venture is expected to be located in the vicinity of GM’s former Lordstown manufacturing complex, which has been sold to Lordstown Motors Corp., a startup electric truck manufacturer. GM said in September that it would bring a battery cell plant to Lordstown.
According to reports, GM and LG Chem will each invest $1 billion in their joint venture. News accounts have suggested that as many as 1,000 jobs would be created.
Meanwhile, sources tell The Business Journal that Lordstown Motors has begun to remove fabrication presses from the plant.
Lordstown Motors purchased the plant, reportedly for $20 million, and plans to produce electric trucks that it will brand as Endurance. Production could begin late next year, executives said, promising union jobs for about 450 production workers.
LG Chem, based in Seoul, was established in 1947. It provides anti-lock braking systems, polarizers and EV battery cells and employs more than 33,000, according to its website.
Copyright 2024 The Business Journal, Youngstown, Ohio.
