In January, GM and LG announced a $2.6 billion investment to build a new battery cell plant in Lansing, Mich., set to open in late 2024. GM also said then it would spend $4 billion to overhaul and expand an assembly plant near Detroit to build electric pickup trucks and be supplied by the Lansing battery plant.
GM and LG Energy are also building a $2.3 billion plant in Spring Hill, Tenn., set to be completed by the end of 2023.
Last month, the U.S. Energy Department said it would loan Ultium $2.5 billion to help finance construction of battery cell manufacturing plants in Ohio, Tennessee and Michigan.
Last month, GM said it struck multi-year agreements with LG Chem Ltd. and Livent Corp to secure key raw materials used in manufacturing batteries for electric vehicles. GM said it was on course to reach its goal of producing 1 million EVs annually in North America by the end of 2025.
In May, Chrysler-parent Stellantis NV and Samsung SDI said they will invest more than $2.5 billion to build a new joint venture battery plant in Kokomo, Ind.
Legislation signed Tuesday by President Joe Biden imposes new sourcing rules on battery components and critical minerals that take effect Jan. 1 for EVs to be eligible for $7,500 in tax credits.
Biden wants half of all U.S. vehicle production by 2030 to be electric or plug-in electric.
