GM CEO and Chairman Mary Barra and LG Chem Vice Chairman and CEO Hak-Cheol Shin at the automaker’s battery lab in Warren, Michigan, where the companies announced a new $2.6 billion joint venture on Dec. 5, 2019.
GM
Detroit – General Motors And LG Energy Solutions has indefinitely postponed plans to build a fourth battery cell plant in the U.S. after recent talks between the two sides ended without an agreement, a person familiar with the plans confirmed to CNBC. Of.
The Detroit automaker is expected to continue with its plans to build the plant but is looking for another partner, according to the person, who asked not to be named because the talks are private.
“We have been very clear that our plan includes investing in a fourth US SAIL plant, but we will not comment on speculation,” GM said in an emailed statement.
wall street journal informed earlier Talks between GM and LG on a fourth plant, which was expected in Indiana, had stalled. The paper said GM is in discussions with at least one other battery supplier to move forward with a fourth US battery-cell factory.
GM CEO Mary Barra and other executives have said they have been close to announcing details of the fourth plant for some time.
GM and LG initially announced a joint venture for a $2.3 billion plant in Ohio In December 2019, other plants near GM operations in Michigan and Tennessee followed. Only the Ohio plant is currently operational, while others are under construction. The joint venture is called Ultium Cell LLC.
This is a developing story. Check back for additional details.