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General Motors announced today that it was setting up a joint venture with South Korea’s LG Chem to mass-produce batteries for electric cars. The two companies plan to invest a total of $2.3 billion to build a new facility, which will be located in Lordstown, Ohio.
The new plant will essentially become GM’s own Gigafactory, with an annual capacity of more than 30 gigawatt hours. The facility will manufacture battery cells for the 20 new electric vehicles that GM plans to roll out by 2023, executives said. That includes a new EV from Chevy that is set to be released next year and a battery-electric pickup truck by late 2021.