eseoulpost
BusinessWorld Business
LG Chem, GM to set up EV battery JV in U.S.
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2019.12.06  
트위터 페이스북 미투데이 요즘 네이버 구글 msn
   
 

SEOUL, Dec. 6 (Yonhap) -- LG Chem Ltd., South Korea's leading chemical company, said Friday it will establish a 50:50 joint venture with General Motors to build a battery cell assembly plant in the world's most important automobile market amid a global push for zero emissions.

LG Chem and GM said they will invest up to a total of US$2.3 billion through the joint venture company.

The joint venture will set up a battery cell assembly plant in the Lordstown area of northeast Ohio. Groundbreaking is expected to take place in mid-2020.

Battery cells to be produced at the plant will be supplied to GM's battery-electric vehicles, according to LG Chem.

The plant's annual production capacity will reach more than 30 gigawatt hours (GWh), which is enough to supply batteries for 500,000 electric vehicles.

LG Chem Vice Chairman and CEO Shin Hak-cheol said the joint venture is more than just a mere collaboration.

"It marks the beginning of a great journey that will create an emission-free society and transform the global automotive market into an eco-friendly era," Shin said in a ceremony at the GM Global Tech Center in Michigan, according to the company.

The EV battery market has been on a roll as automakers around the world race to go electric and eco-friendly due to tightened regulations on greenhouse gas emissions, which scientists say are to blame for global warming.

GM Chairman and CEO Mary Barra said that GM looks forward to collaborating with LG Chem on future cell technologies.

"Combining our manufacturing expertise with LG Chem's leading battery-cell technology will help accelerate our pursuit of an all-electric future. That will continue to improve the value we deliver to our customers," Barra said in comments posted on the company's website.

The latest investment could help strengthen LG Chem's position as a global market leader in the EV battery sector.

An electric vehicle equipped with LG Chem batteries can travel about 380 kilometers on a single charge, according to LG Chem.

LG Chem has supplied batteries to more than 2.7 million electric vehicles, including those of GM, Ford, Renault, Volvo, Audi, Volkswagen and Dailmer, as well as South Korea's largest carmaker, Hyundai Motor Co., and its smaller affiliate, Kia Motors Corp.

Shin said LG Chem would have a combined global capacity of 70 GWh by the end of the year and 100 GWh global capacity by 2020.

LG Chem has another electric vehicle battery plant in Michigan. It also operates electric vehicle battery plants in China, Poland and South Korea.

Shares in LG Chem were trading at 294,500 won ($248) as of 10:35 a.m., up 0.34 percent from the previous session's close.

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
World should be wary of new coronavirus outbreak in China
2
Safety is top priority of UAE's nuclear energy programme
3
U.S. welcomes S. Korea's troop dispatch to Strait of Hormuz
4
UAE completely free of Coronavirus: Ministry of Health
5
Etihad Airways celebrates Chinese New Year
6
ADNOC named UAE’s most valuable brand for second consecutive year
7
China in close communication with S. Korea, other countries on new virus: embassy
8
UAE Government delegation meets Founder and Executive Chairman of WEF in Davos 2020
9
At least 30 killed in flooding in Brazil
10
Khalifa Empowerment Programme participating in London's BETT
Photo News Green Biz
Environmentally Distinctive House initiative launched
Environmentally Distinctive House ...
min
Masdar to bring solar power to 'off-grid' communities around the world
Masdar to bring solar power to 'of...
min
ADNOC ranked amongst five lowest GHG emitters in oil and gas industry
ADNOC ranked amongst five lowest G...
min
World Green Economy Summit 2018 concludes
World Green Economy Summit 2018 co...
min
Restoration of nature requires actions of many :Al Zeyoudi
Restoration of nature requires act...
min
Photo News Sports
Over 20,000 athletes to participate in Zayed Marathon, in Suez, Egypt
Over 20,000 athletes to participat...
min
Tactically astute display gives UAE's Faisal Al Ketbi gold at World Jiu-Jitsu Championship
Tactically astute display gives UA...
min
Tactically astute display gives UAE's Faisal Al Ketbi gold at World Jiu-Jitsu Championship
Tactically astute display gives UA...
min
UAE bags 20 medals in GCC Women’s Games
UAE bags 20 medals in GCC Women’s ...
min
Bizarre buildup, then odd finish to 'Korean Derby' in World Cup qualification
Bizarre buildup, then odd finish t...
min
Jiu-Jitsu Tolerance Championship opens in AL Ain
Jiu-Jitsu Tolerance Championship o...
min
Mohamed bin Zayed receives Khabib Nurmagomedov, congratulates him on winning UFC in Abu Dhabi
Mohamed bin Zayed receives Khabib ...
min
Heated start for President’s Jiu-Jitsu Cup Championship
Heated start for President’s Jiu-J...
min
Photo News World
Over 20,000 athletes to participate in Zayed Marathon, in Suez, Egypt
Over 20,000 athletes to participat...
min
Tactically astute display gives UAE's Faisal Al Ketbi gold at World Jiu-Jitsu Championship
Tactically astute display gives UA...
min
Tactically astute display gives UAE's Faisal Al Ketbi gold at World Jiu-Jitsu Championship
Tactically astute display gives UA...
min
UAE bags 20 medals in GCC Women’s Games
UAE bags 20 medals in GCC Women’s ...
min
Bizarre buildup, then odd finish to 'Korean Derby' in World Cup qualification
Bizarre buildup, then odd finish t...
min
Jiu-Jitsu Tolerance Championship opens in AL Ain
Jiu-Jitsu Tolerance Championship o...
min
Mohamed bin Zayed receives Khabib Nurmagomedov, congratulates him on winning UFC in Abu Dhabi
Mohamed bin Zayed receives Khabib ...
min
Heated start for President’s Jiu-Jitsu Cup Championship
Heated start for President’s Jiu-J...
min
Photo News Opinion
2nd case of Wuhan coronavirus puts S. Korea on alert during holidays
2nd case of Wuhan coronavirus puts...
min
S. Korea remains vigilant against spreading Chinese coronavirus
S. Korea remains vigilant against ...
min
Search for 4 S. Koreans missing in Himalayas suspended due to bad weather
Search for 4 S. Koreans missing in...
min
S. Korean trekkers go missing after avalanche hits Annapurna
S. Korean trekkers go missing afte...
MIN
S. Korea says U.S. ambassador's remarks on inter-Korean ties 'very inappropriate'
S. Korea says U.S. ambassador's re...
min
Moon urges prosecution's self-reform, saying it's still powerful
Moon urges prosecution's self-refo...
min
Parliament passes bills to rebalance investigative power between prosecution, police
Parliament passes bills to rebalan...
min
S. Korea's exports largely unaffected by Mideast tension
S. Korea's exports largely unaffec...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com