GM announced plans to sell its stake in the nearly completed Lansing, Michigan, EV battery plant to joint venture partner LG Energy Solution. The Lansing facility is one of four planned GM plants to open in the US.
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General Motors (GM) looks to further commercialize its EV battery production and lower prices by investing in Mitra Chem – a startup described as an “AI-enabled battery materials innovator.” Today, GM announced it is the lead investor of a Series B funding round supporting the Silicon Valley-based battery company.
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The Biden administration today announced that it’s closed a $2.5 billion loan for Ultium Cells, a joint venture between GM and South Korean battery maker LG Energy Solution. The loan will go toward financing the construction of new lithium-ion battery cell factories in Ohio, Tennessee, and Michigan.
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Ultium Cells will invest $275 million in its Spring Hill, Tennessee, battery plant to expand EV battery cell output by 40%. The new expansion will help fuel GM’s aggressive EV strategy as it ramps production.
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GM has confirmed a $2.3 billion investment in partnership with LG Energy Solutions to build a new battery cell gigafactory in Tennessee.
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GM is about to announce a new massive battery cell gigafactory in the US in partnership with LG Energy Solutions, according to industry sources.
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