On December 5, IIA learned from GM that the company will form a new joint venture with LG Chem to mass produce battery cells. The two parties will jointly invest US $ 2.3 billion, each holding 50% of the shares. The battery cells produced by the joint venture will be used in GM's future electric vehicles, including BEV trucks scheduled for release in the fall of 2021.

According to reports, the newly formed joint venture will build a battery cell manufacturing plant in Lordstown, northeast Ohio, and construction is expected to begin in mid-2020. The annual capacity of the new battery factory will exceed 30GWh, and the production scale can be flexibly expanded according to demand.

In addition, General Motors and LG Chem will also sign a joint R & D agreement to promote the development and application of advanced battery technologies based on their deep accumulation in the field of battery science, and further reduce battery costs.

GM Chairman and CEO Mary Barra said: "The combination of GM ’s strength in manufacturing and LG Chem ’s technical strength in the battery field will accelerate our move towards electric sector. We look forward to working with LG Chem to develop battery cell technology. I also believe this will help GM create greater value for consumers. "

Hak-Cheol Shin, vice chairman and CEO of LG Chem, said: "The establishment of a joint venture with the largest U.S. automaker will help LG Chem better respond to the growth of the North American electric vehicle market and provide insight into the broad electric vehicle ecosystem. We have a long-term relationship with GM to leverage our expertise in this area, and we look forward to working together towards a zero-emissions future. "