GM venture to invest additional $275M to expand a Tennessee battery cell factory for EV

• A joint venture between General Motors (NYSE:GM) and South Korean battery company LG Energy Solution on Friday said that it will invest an additional $275M to expand a Tennessee battery cell factory for electric vehicles.
• Previously, the companies had already pledged to spend $2.3B to build a battery plant in Spring Hill, Tennessee. The additional investment is anticipated to result in 40% more battery cell output when the plant is fully operational.
• Production at the 2.8-million-square-foot facility is expected to begin in late 2023.
• The Tennessee plant is one of three lithium-ion battery factories being built by the joint venture, Ultium Cells LLC.
• The other two are in Michigan and Ohio. A fourth is also expected, but the site has not yet been named.
• The manufacturing facility will be built in Clarksville and create more than 850 jobs, according to a memorandum of understanding signed by the state of Tennessee and South Korea-based LG Chem.
• Last year Toyota announced it would build a $1.3 billion battery plant in North Carolina.

• The company plans to roll out 30 electric vehicles globally by 2025 and has pledged to invest $35B in electric and autonomous vehicles through that same year.