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GM looking to build second battery plant in U.S.: WSJ – Yahoo Finance

gm-looking-to-build-second-battery-plant-in-us.:-wsj-–-yahoo-finance

(Reuters) – General Motors Co is looking to build a second battery factory in the United States with South Korean joint-venture partner LG Chem Ltd, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The companies are close to completing a decision to locate the plant in Tennessee, the report said.

GM did not immediately respond to a Reuters request for comment.

LG Chem’s battery unit, LG Energy Solution, said in a statement that it was in talks to make further investments with GM, but could not disclose the specifics.

“LG Energy Solution is also planning additional capacity expansion for other global OEMs (original equipment manufacturers) located in the U.S.,” it said.

GM and LG Chem have invested $2.3 billion to build an electric vehicle battery-cell joint-venture plant in Ohio, creating one of the world’s largest battery facilities.

The plant, to be built near GM’s closed assembly plant in Lordstown, will accelerate the automaker’s plan to introduce 30 new electric vehicles (EVs) globally by 2025.

GM Chief Executive Officer Mary Barra has said the company wants to exceed its prior target of annual sales of 1 million EVs in the United States and China by 2025.

Most battery manufacturing is currently concentrated in Asia and Europe, while Tesla Inc largely controls most of U.S. battery production.

(Reporting by Rachit Vats in Bengaluru and Heekyong Yang in Seoul; Editing by Aditya Soni)

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