General Motors Co. plans to build a second battery factory in the United States with its South Korean partner LG Chem Ltd., according to a report citing unnamed sources.
- The parties are closing in on a location possibly in Tennessee, but companies have yet to confirm.
- LG Chem’s battery unit LG Energy Solution is in talks to make further investments with GM, but specifics were not disclosed.
- LG Energy Solution is also looking at expanding capacity for other global original equipment manufacturers in the U.S.
- GM and LG Chem have already invested $2.3 billion for its Ohio plant, one of the world’s largest battery facilities.
- The plant to be built is near GM’s Lordstown assembly facilities. It will accelerate plans to introduce 30 new electric vehicles globally by 2025.
- GM chief executive officer Mary Barra said the company wants to exceed the annual sales target of 1 million EVs in the U.S. and China by 2025.