GM and LG have announced that the two companies, which first announced their partnership in 2019, would invest $2.3 billion to build a second Electric Vehicle battery plant. The Plant, which will be located in Tennessee, is expected to be online by 2023.
The plant is part of GM’s plan to exclusively sell zero-emission cars by 2035, a goal which will be difficult to meet without significantly increasing production capacity for the company’s Ultium batteries.
In a statement, LG Energy Solution President and CEO Jonghyun Kim said, "This partnership with General Motors will transform Tennessee into another key location for electric vehicle and battery production. It will allow us to build solid and stable U.S-based supply chains that enable everything from research, product development and production to the procurement of raw components.”
The move just one more high profile commitment from an established automaker to make their presence known in the EV space. After years of allowing Tesla to dominate, GM, Volkswagen, BMW, Ford, and others are aggressively moving in.
The question remains: Can Tesla retain its market share?
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