GM and LG to Establish Second Battery Plant in Tennessee, USA... Announcement on the 16th

[Image source=AFP Yonhap News]

[Asia Economy Reporter Park Byung-hee] Major foreign media reported on the 14th (local time) that the American automobile company General Motors (GM) will officially announce on the 16th its plan to establish its second battery factory in the United States in Tennessee together with LG.

The second battery factory is scheduled to be built in Spring Hill, Tennessee, with a total investment of $2.3 billion (approximately 2.6 trillion KRW). The $2.3 billion investment is similar in scale to the first battery factory that GM and LG Energy Solution are currently constructing in Ohio.

The second factory will produce batteries to be installed in the crossover electric vehicle 'Cadillac Lyriq,' which GM will start operating next year at a nearby plant in Spring Hill.

GM is attempting to transform into an 'electric vehicle company,' and LG is aiming to expand its presence in the U.S. market, aligning the interests of both companies.

GM has set a goal to stop selling internal combustion engine vehicles by 2035 and plans to invest $27 billion (approximately 30.1 trillion KRW) over the next five years in the development of electric and autonomous vehicles.

LG Energy Solution announced last month that it will make a large-scale investment of over 5 trillion KRW by 2025 in the U.S., which encourages eco-friendly industries under the 'Green New Deal' policy.

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