General Motors and LG Chem will invest up to $2.3 billion by 2023 to form a joint venture in Ohio for the production of battery cells for electric vehicles.
The companies plan to build a battery cell factory in the Lordstown area of northeast Ohio. Construction of the plant, which is expected to be among the largest in the world, is scheduled to begin in mid-2020.
The facility, according to GM, is projected to create 1,100 new jobs for the area, which lost thousands of jobs when the automaker shuttered its Lordstown assembly plant and sold it to an all-electric vehicle start-up earlier this year.
The equally owned joint venture at this time plans to exclusively supply batteries for GM’s next generation of EVs, which GM has said is expected to arrive in 2021.