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General Motors and LG Energy Solution are considering building a battery cell manufacturing facility in Indiana.
It would be the fourth battery plan developed by the companies’ joint venture Ultium Cells LLC.
A spokeswoman for the joint venture said New Carlisle, Indiana, is being reviewed for potential investments and Ultium has filed a tax break application that it hopes will be approved later this month.
The company’s first U.S. battery cell plant in Warren, Ohio is scheduled to start operations later this month.
FILE PHOTO: The new GM logo can be seen on the facade of General Motors’ headquarters in Detroit, Michigan. (Portal/Rebecca Cook/Portal photos)
In January, GM and LG announced a $2.6 billion investment to build a new battery cell plant in Lansing, Michigan, scheduled to open in late 2024.
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GM also said it would spend $4 billion to overhaul and expand an assembly plant near Detroit to build electric pickup trucks and be supplied by the Lansing Battery Plant.
FILE PHOTO: An employee walks past the LG Energy Solution logo at its office building in Seoul, South Korea. (Portal/Kim Hong-Ji / Portal Photos)
GM and LG Energy are also building a $2.3 billion facility in Spring Hill, Tennessee, due to be completed by the end of 2023.
The fourth facility is said to be similar with an investment of more than $2 billion, a source briefed on the matter told Portal.
It is not known when the plant will start operating.
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Last month, the US Department of Energy said it would loan Ultium $2.5 billion to fund the construction of battery cell manufacturing plants in Ohio, Tennessee and Michigan.
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GM said in July it had multi-year agreements with LG Chem Ltd and Livent Corp to secure key raw materials to make electric vehicle batteries.
President Biden signed legislation this week imposing new sourcing rules for battery components and critical minerals, effective Jan. 1, to make electric vehicles eligible for $7,500 tax credits.
| ticker | security | Last | change | change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 38.72 | +0.32 | +0.83% |
Biden wants half of all US vehicle production to be electric or plug-in electric by 2030.
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In May, Chrysler parent company Stellantis NV and Samsung SDI announced that they will build a new joint-venture battery plant in Kokomo, Indiana.
Portal contributed to this report.