Friday, July 19, 2024
HomeAutomobileGM, LG finish plans for fourth U.S. battery cell plant; automaker seeks...

GM, LG finish plans for fourth U.S. battery cell plant; automaker seeks new companion


GM CEO and Chairman Mary Barra and LG Chem Vice Chairman and CEO Hak-Cheol Shin on the automaker’s battery lab in Warren, Mich., the place the businesses introduced a brand new $2.6-billion three way partnership on Dec. 5, 2019.

GM

DETROIT – General Motors and LG Power Resolution have indefinitely shelved plans to construct a fourth battery cell plant within the U.S., as talks between the 2 sides lately ended with out an settlement, an individual conversant in the plans confirmed to CNBC.

The Detroit automaker is anticipated to proceed with its plans to construct the plant however is trying to find one other companion, in response to the one that requested to not be named as a result of the talks are non-public.

“We have been very clear that our plan contains investing in a fourth U.S. cell plant, however we’re not going to touch upon hypothesis,” GM mentioned in an emailed assertion.

The Wall Road Journal first reported talks had stalled between GM and LG on the fourth plant, which was anticipated in Indiana. The paper mentioned GM is in discussions with at the least one different battery provider to proceed with the fourth U.S. battery-cell manufacturing unit.

The breakdown in talks comes after GM CEO Mary Barra and different executives have mentioned they have been near asserting particulars of the fourth plant for a while.

GM and LG initially introduced the joint-venture for a $2.3 billion plant in Ohio in December 2019, adopted by different vegetation close to GM operations in Michigan and Tennessee. Solely the Ohio plant is at the moment working, whereas the others are underneath building. The three way partnership known as Ultium Cells LLC.

This can be a creating story. Test again for extra particulars.



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments