SEOUL/WASHINGTON: General Motors and South Korea's LG Chem are set to announce on Thursday a 50:50 joint venture in Ohio to make electric vehicle batteries, sources familiar with the matter told Reuters.
The facility in Lordstown will see investment of more than US$2 billion, with GM and LG Chem expected to invest more than US$1 billion each, one of the sources said. The venture is likely to be signed on Thursday, the sources said.
An LG Chem spokesman declined to comment, saying the company does not comment on matters related to customers.GM said in September it planned to bring battery cell production to the Lordstown area, which it said would create approximately 1,000 manufacturing jobs. Reuters reported in October it would be a joint venture.Reuters first reported in July that LG Chem was considering its second U.S. factory with production slated to start in 2022.
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