GM, LG Energy Solution looking at Indiana for battery plant

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General Motors and LG Energy Solution are considering building a battery cell plant in Indiana.

It would be the fourth battery plan developed by the companies’ Ultium Cells LLC joint venture.

A spokeswoman for the joint venture said New Carlisle, Indiana is being looked at for the potential investment and Ultium has filed a tax credit application it hopes will be approved later this month.

The company’s first U.S. battery cell plant in Warren, Ohio is set to open later this month.

FILE PHOTO: The new GM logo can be seen on the facade of General Motors headquarters in Detroit, Michigan. (REUTERS/Rebecca Cook/Reuters Photos)

In January, GM and LG announced a $2.6 billion investment to build a new battery cell plant in Lansing, Michigan, which will open in late 2024.

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GM also said at the time 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.

LG Energy Solutions office

FILE PHOTO: An employee walks past the LG Energy Solution logo in his office building in Seoul, South Korea. (REUTERS/Kim Hong-Ji/Reuters Photos)

GM and LG Energy are also building a $2.3 billion plant in Spring Hill, Tennessee, to be completed by the end of 2023.

The fourth plant is expected to be comparable to an investment of more than $2 billion, an informed source told Reuters.

It is not known when the factory will be operational.

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Last month, the U.S. Department of Energy said it would borrow Ultium $2.5 billion to help fund the construction of battery cell plants in Ohio, Tennessee and Michigan.

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GM said in July that it has entered into multi-year agreements with LG Chem Ltd and Livent Corp to secure key raw materials for the production of batteries for electric vehicles.

President Biden signed legislation this week imposing new procurement rules for battery components and critical minerals that will take effect Jan. 1, making electric vehicles eligible for $7,500 in tax credits.

ticker Safety Last Change Change %
GM GENERAL MOTORS CO. 38.72 +0.32 +0.83%

Biden wants half of all American car production to be electric or plug-in by 2030.

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In May, Chrysler parent company Stellantis NV and Samsung SDI said they will build a new joint venture battery plant in Kokomo, Indiana.

Reuters contributed to this report.

The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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