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targets $2.6 billion third battery factory with LGES","gm-targets-2-6-billion-third-battery-factory-with-lges","article/gm-targets-2-6-billion-third-battery-factory-with-lges",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":672,"featured":50,"reporter":673,"_editable":677,"component":678,"seo_title":553,"categories":679,"visibility":686,"author_company":49,"featured_image":687,"seo_description":672,"author_full_name":49,"author_job_title":49,"formattedDate":692,"formattedArticleDate":693},"1078fb1a-000f-4e85-9200-f75ddd1f6061","2022-01-25 00:00",[560,563,566],{"slug":561,"name":562},"gm","GM",{"slug":564,"name":565},"lges","LGES",{"slug":567,"name":568},"usa","USA",[570],{"slug":571,"name":572,"content":573},"matthew-bird","Matthew Bird",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Senior Editor - Supply Chains & Data Visualisation",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":580,"content":581},"doc",[582,589,594,599,604,609,614,619,634,639,644,657,662,667],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586],{"text":587,"type":588},"GM said it would spend $2.6 billion with LG energy Solution to build a third battery plant in the US as it looks to produce more than 1 million electric vehicles in North America by 2025.","text",{"type":583,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":588},"The automaker said the fifty gigawatt-hour (GWh) battery plant in Michigan would make its home state an “epicentre” of EVs, with enough capacity to produce 600,000 electric trucks a year.",{"type":583,"attrs":595,"content":596},{"textAlign":49},[597],{"text":598,"type":588},"The announcement is part of GM’s goal to become a leader in EVs by mid-decade, competing with rivals Ford and Tesla. GM has pledged to spend $35 billion on electric vehicles as it plans to launch 30 new models by 2025.",{"type":583,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":588},"The company said it would spend a total of $6.6 billion in Michigan on electric pickup truck plants and the new battery factory.",{"type":583,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":588},"“We are committed to making Michigan the epicentre of EVs,” Mary Barra, chief executive of GM, said. “We know the demand is here.”",{"type":583,"attrs":610,"content":611},{"textAlign":49},[612],{"text":613,"type":588},"President Joe Biden said the announcement is “the latest sign that my economic strategy is helping power an historic American manufacturing comeback.”",{"type":583,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":588},"“This announcement is just the latest in over $100 billion of investment this past year in American auto manufacturing to build electric vehicles and batteries,” he said.",{"type":583,"attrs":620,"content":621},{"textAlign":49},[622,624,632],{"text":623,"type":588},"It comes as LGES is set to",{"text":625,"type":588,"marks":626}," list on the South Korean stock market",[627],{"type":628,"attrs":629},"link",{"href":630,"uuid":49,"anchor":49,"target":49,"linktype":631},"https://source.benchmarkminerals.com/article/lges-aims-to-surpass-catl-with-10-8-billion-battery-ipo","url",{"text":633,"type":588},", which will give the company additional funds for expansion of battery facilities.",{"type":583,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":588},"US battery production is set to grow from 39 GWh in 2021 to 476 GWh in 2030, according to Benchmark’s Lithium Ion Battery Database, due to the construction of plants by LGES and its South Korean rivals SK Innovation and Samsung SDI.",{"type":583,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":588},"The 8 million square-foot battery planned battery plant in Lansing adds to plants already being built in Tennessee and Ohio through Ultium Cells, a joint venture with LGES. The two plants will have a capacity to produce over 70 GWh of batteries a year.",{"type":583,"attrs":645,"content":646},{"textAlign":49},[647,649,655],{"text":648,"type":588},"In December",{"text":650,"type":588,"marks":651}," GM said",[652],{"type":628,"attrs":653},{"href":654,"uuid":49,"anchor":49,"target":49,"linktype":631},"https://source.benchmarkminerals.com/article/gm-steps-up-us-battery-supply-chain-plans-with-posco-cathode-agreement",{"text":656,"type":588}," it would build a battery cathode factory with South Korea’s Posco to supply its North American battery plants. GM has also signed deals to build a rare earth supply chain with MP Materials and Vacuumschmelze of Germany.",{"type":583,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":588},"“Vertically integrating battery assembly and converting existing assembly plants are at the core of GM’s strategy for scaling EV production in North America,” GM said on Tuesday.",{"type":583,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":588},"GM said the Lansing facility would begin production in late 2024 and supply cells to the company’s Orion Assembly plant in Michigan and other assembly plants. It will produce Ultium’s large-format pouch-style cells.",{"type":583,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":588},"Dong Myung-Kim, LGES, said the deal showed what was possible when automotive manufacturers worked together with battery manufacturers.","GM said it would spend $2.6 billion with LG energy Solution to build a third battery plant in the US as it looks to produce more than 1 million electric vehicles in North America by 2025. The automaker said the fifty gigawatt-hour (GWh) battery plant in Michigan would make its home state an “epicentre” of […]",[674],{"slug":571,"name":572,"content":675},{"job_title":574,"image":676,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1078fb1a-000f-4e85-9200-f75ddd1f6061\", \"id\": \"\"}-->","article",[680,683],{"slug":681,"name":682},"batteries","Batteries",{"slug":684,"name":685},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":688,"name":688,"focus":688,"title":688,"source":688,"filename":689,"copyright":688,"fieldtype":690,"meta_data":691,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/4bf8c388f3/bm-gmmichiganinvest031.jpg","asset",{"alt":688,"title":688,"source":688,"copyright":688},"Jan 25, 2022","25th January 2022",[],[],1792688589804]