GM, LG Energy Solution JV Invests Additional $275M In Tennessee Battery Cell Plant

  • Ultium Cells LLC, the battery cell manufacturing joint venture of General Motors Company GM and LG Energy Solution, is investing an additional $275 million in the Ultium Cells Spring Hill plant.
  • The investment is expected to expand the facility’s battery cell output by more than 40%, from 35 gigawatt-hours to 50 GWh, when fully operational.
  • The new investment is in addition to the $2.3 billion investment announced in April 2021.
  • The capacity expansion from the new investment will create 400 additional new jobs.
  • Battery cell production at the 2.8 million-square-foot facility is slated to begin in late 2023.
  • The facility will supply battery cells to General Motor’s Spring Hill assembly plant for production of the Cadillac LYRIQ and other GM Ultium Platform-based EVs.
  • "By expanding battery cell output at Ultium Cells Spring Hill, this investment will help GM offer customers the broadest EV portfolio of any automaker and further solidifies our path toward U.S. EV leadership,” said Tim Herrick, GM’s vice president of EV Launch Excellence.
  • Price Action: GM shares are trading lower by 0.15% at $39.84 in premarket on the last check Monday.
  • Photo Via Company
Market News and Data brought to you by Benzinga APIs
Posted In: NewsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!