U.S. automaker General Motors and Korean chemical giant LG Chem will invest $2.3 billion by 2023 in a new joint venture to create battery cells for electric cars in Lordstown, Ohio.
Construction of the battery cell factory is expected to begin mid-2020 and will create 1,100 jobs, which GM Chairman and CEO Mary Barra called a “significant investment.”
Barra told reporters Thursday, “General Motors believes in the science of global warming” and is, therefore, investing in creating high quality, reliable vehicles.
“What you’re hearing from GM is a commitment to electric vehicles ... to drive adoption,” she said.
GM is still on track to have 20 million electric cars on the road by 2023, Barra said, and the plant will “play a key role” in the company’s goal to move toward “a world with zero emissions.” The new plant will have an annual capacity of more than 30 gigawatt hours.
The new facility will be built in the Lordstown-area where GM closed a production plant in March. The closure marked a loss for President Trump, who had worked to keep the site open in an effort to support American manufacturing. It also created concerns about the communitiy’s economic future, which relied heavily on the plant for employment.
While Barra said Ohio had “earned [the project] because of their capabilities,” Barra confirmed the state had offered the company incentives but did not offer further details.
“We think as we do this in a joint fashion ... [it]will allow us to win in the electric vehicle space,” said Barra. “We think we can bring together the expertise of both our companies and advance it more quickly.”
Further, she said, “We believe it will accelerate EV adoption,” and called this a “critical juncture to create an all-electric future.”
Former Cisco Systems CEO John Chambers learned all about technology’s volatile highs and lows as a veteran of the internet’s early boom days during the late 1990s and the ensuing meltdown that followed the mania. And now he is seeing potential signs of the cycle repeating with another transformative technology in artificial intelligence. Chambers is trying take some of the lessons he learned while riding a wave that turned Cisco into the world's most valuable company in 2000 before a crash hammered its stock price and apply them as an investor in AI startups. He recently discussed AI's promise and perils during an interview with The Associated Press.
Grove Collaborative’s CEO shares how the company is reinventing everyday goods with sustainability at the core and working toward a plastic-free future.
Atlanta Mayor Andre Dickens shares plans for affordable housing, community-led growth, and why private and public grocery stores could be key to food equity.
Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept. 30. The company reported Thursday that sales in the three months through September rose 7% compared to the same period a year ago. The gain follows two quarters of steep declines as people turned off by CEO Elon Musk’s foray into right-wing politics avoided buying his company’s cars and even protested at some dealerships. Sales rose to 497,099 vehicles, compared with 462,890 in the same period last year.
Tom’s Guide Editor-in-Chief Mark Spoonauer breaks down Apple & Amazon's latest product drops—what's hot, what's hype, and what really matters for users.
InnerPlant CEO Shely Aronov reveals how engineered crops like soybeans and corn emit signals when stressed—offering farmers early warnings to boost yields.
