General Motors and South Korea’s LG Chem plan to invest a combined $2.3bn in a joint venture to build a new battery plant in the US, as the automaker prepares to ramp up production of electric vehicles.
The companies announced on Thursday they will break ground in the middle of next year in the Lordstown area in north-east Ohio, near the location of a vehicle assembly plant GM has idled. The plant will create 1,100 new jobs and have an annual capacity of more than 30 gigawatt hours, with the ability to expand.
The equally-owned venture also calls for the group to jointly develop new battery technologies with the goal of cutting costs. – FT
TOP COMPANIES IN ELECTRIC VEHICLE BATTERY MARKET:
- LG Chem
- Beijing Pride Power
- SB LiMotive
- Due to Chinese domination, the Asia Pacific continues to retain its leading position in the electric vehicle battery market, with revenues exceeding US$ 35,000 million in 2018. Sales of electric vehicle batteries in the region remain driven by the strong automotive industry and improving economic conditions.
- North America is expected to be a high-growth market for batteries for electric vehicles, accounting for almost one-third of the 2018 production.
Electric Vehicle (EV) Battery Cell Market:
Global Electric Vehicle Battery Cell market size will increase to 165600 Million US$ by 2025, from 17800 Million US$ in 2018, at a CAGR of 32.2% during the forecast period
Source: PR Newswire