GM’s New EV Battery Plant
Today it was reported that the auto business would be opening a second EV battery plant in the US to support the new commitment the company made to develop 30 new electric cars by 2030. With this new company commitment, the business plans to create 2,700 EV charging stations in the next five years and utilize renewable energy.
In partnership with LG Chem Ltd., a South Korean chemical company, the auto business will reportedly open a second EV battery plant in Tennessee. The chemical business has a unit dedicated specifically to manufacturing EV batteries, the LG Energy Solution.
The chemical business said in a statement, “LG Energy Solution is also planning additional capacity expansion for other global OEMs (original equipment manufacturers) located in the U.S.” Specific details of the expansion have not been identified as discussions are still taking place; GM hopes to reach a decision with LG by the end of June.
According to Reuters, GM and the chemical business are already building a $2.3 billion EV battery plant in Ohio that is expected to open in 2022.
GM and LG’s new EV battery plants are going up against some tough US competition as Tesla controls pretty much the entire EV battery market in the US. Tesla sold 499,550 electric cars in 2020, making it the largest EV company in the world.
Other Industry News
As the multi-billion dollar industry continues to grow, more and more automotive companies are announcing commitments to sustainable energy and developing electric cars, therefore increasing the overall market value. The EV market is expected to reach $802.81 billion by 2027 — a CAGR of 22.6%.
This week alone has seen several car companies report new EV plans. Volvo announced Tuesday that the company is committing itself to becoming all-electric by 2030. Additionally, this week GM unveiled its plans for two new models under the Chevy Bolt name.
On the flip side, Startup Savant wrote about Nio, a Chinese automotive business that specializes in electric cars, taking a hit earlier this week after stock prices dropped due to chip and EV battery shortages, thus halting production for the Chinese car company.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.