General Motors has announced a new ($2.3B) joint-venture with LG Chem to build their own battery giga-factory, which will have 30 GWh of annual capacity, in Lordstown, Ohio. GM is going to make the packs, and LG Chem will be in charge of battery cell production.
The companies claimed that they were on track to eventually be below the $100/kWh barrier, which is often cited as the point at which it becomes cheaper to produce a BEV than the equivalent internal combustion vehicle. BEVs already usually have a lower total cost of ownership.
The 30GWh number will represent 30% of the expected 100GWh capacity that LG expects to have online by the end of 2020. That’s enough to build 2 million 50kWh electric vehicle battery packs.
“With this investment, Ohio and its highly capable workforce will play a key role in our journey toward a world with zero emissions,” said GM Chairman and CEO Mary Barra. “Combining our manufacturing expertise with LG Chem’s leading battery-cell technology will help accelerate our pursuit of an all-electric future. We look forward to collaborating with LG Chem on future cell technologies that will continue to improve the value we deliver to our customers.”
Source: General Motors (LINK)
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By Abhishekkumar Thakur
