LG Chem-GM Acquire Site for Electric Vehicle Battery Joint Venture Establishment

[Asia Economy Reporter Park So-yeon] U.S. General Motors (GM) has purchased a 640,000㎡ site in Ohio, USA, where a joint venture for electric vehicle batteries with LG Chem will be established.

According to foreign media and industry sources on the 16th, GM recently announced that it signed a contract to purchase a 158-acre (639,000㎡) site in Rose Town, Ohio.

This site is near GM's existing assembly plant complex. GM plans to begin construction by this spring after completing permits and other procedures.

Previously, on December 5 last year, LG Chem and GM signed a contract to establish a joint venture for electric vehicle battery cells with a production capacity of over 30GWh, investing a total of 2.7 trillion KRW in stages, with each company contributing 1 trillion KRW for a 50-50 equity stake.

GM plans to create the joint venture with LG Chem near the Rose Town assembly plant, which is scheduled to be closed, and intends to employ some of the existing workforce.

Since starting operations at its Holland plant in Michigan in 2012, LG Chem has continuously expanded and currently has a production capacity of about 5GWh.

With the establishment of the joint venture in Ohio, LG Chem has secured two production bases in the U.S. Including this, it now has a total of seven bases worldwide: five self-operated production plants and two joint production plants in the three major electric vehicle markets of China, Europe, and the U.S.

This content was produced with the assistance of AI translation services.