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Exclusive: GM, LG Chem to announce EV battery joint venture in Ohio - sources


Added 12-05-19 01:03:02am EST - “General Motors and South Korea's LG Chem <051910.KS> are set to announce on...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Exclusive: GM, LG Chem to announce EV battery joint venture in Ohio - sources”. Below is an excerpt from the article.

SEOUL/WASHINGTON (Reuters) - General Motors (GM.N) and South Korea’s LG Chem (051910.KS) are set to announce on Thursday a 50:50 joint venture in Ohio to make electric vehicle batteries, sources familiar with the matter told Reuters.

The facility in Lordstown will see investment of more than $2 billion, with GM and LG Chem expected to invest more than $1 billion each, one of the sources said. The venture is likely to be signed on Thursday, the sources said.

A GM spokeswoman declined to comment on a venture with LG and said, “talks occur on a regular basis in the auto industry between a variety of partners on different topics, but as a matter of policy we don’t discuss who, where or when those discussions might occur.”

An LG Chem spokesman declined to comment, saying the company does not comment on matters related to customers.

GM said in September it planned to bring battery cell production to the Lordstown area, which it said would create approximately 1,000 manufacturing jobs. Reuters reported in October it would be a joint venture.

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