SEOUL, Dec. 3 (Korea Bizwire) — LG Energy Solution Ltd.’s joint venture with U.S. General Motors Co. will invest an additional US$275 million for their electric vehicle battery plant under construction in the U.S. state of Tennessee.
The additional investment by Ultium Cells LLC will help expand the facility’s output by more than 40 percent, to 50 gigawatt hours from the initial 35 GWh, once the plant, aiming for completion in late 2023, is fully operational, according to its website on Saturday.
The joint venture already announced the $2.3 billion investment plan in April 2021 to build the battery cell manufacturing plant in Spring Hill.
The Tennessee plant will supply battery cells to GM’s assembly plant in the same city for production of the Cadillac LYRIQ and other EVs, the company said.
The Tennessee plant is one of the battery cell manufacturing sites being built by LGES and GM, besides the ones in Ohio and Michigan.
The Ohio plant began production in August, and the Michigan plant is under construction to start production in late 2024.
They also plan to build a fourth plant in an undecided location.
Ultium Cells is pushing to boost the production capacity to 130 GWh upon the start of full production at all three facilities.