General Motors (GM) will produce the batteries for its electric cars in the future itself: The US automaker is building its own cell production together with the South Korean company LG Chem.
GM and LG set up a joint venture to build the battery factory in Lordstown, Ohio. Both partners plan to invest $ 2.3 billion together in the project. The construction of the new factory is scheduled to start in the middle of next year.
The factory will create more than 1,100 jobs. The joint venture, which does not yet have a name, is expected to produce a good 30 gigawatt hours per year. However, capacity should increase flexibly. By the autumn of 2021 at the latest to start production. Then GM wants to introduce a pickup with electric drive, which should be equipped with batteries from Lordstown. Maybe this is an electric lobster.
The aim of the joint venture is according to own datato push battery costs to industry-leading, low levels. The target is $ 100 per kilowatt-hour, said representatives of the two companies in a conference call with journalists.
$ 100 per kilowatt-hour is considered the turning point at which electric cars are cheaper than burners. Currently the prices are according to a recent survey by Bloomberg New Energy Finance (BNEF) at $ 156 per kilowatt-hour. BNEF estimates that the $ 100 mark will be reached in 2023. For comparison: In 2010, the kilowatt hour cost more than $ 1,100.
There were rumors of a cooperation between GM and LG already three months ago. They had come up in the context of GM's negotiations with the United Auto Workers union over the termination of a strike.
GM has recently sold its Lordstown plant to Lordstown Motor Corporation. The new company wants to build electric delivery vans there. The founder is Steve Burns, formerly head of Workhorse, the company that builds electric delivery trucks for United Parcel Service (UPS).