As General Motors (NYSE:GM) aims to step up its EV efforts, LG and General Motors will invest an additional $275 million in their joint-venture battery plant to boost its production capacity by more than 40%.
The investment comes in addition to a $2.3 billion investment back in April 2021. The funds will be used to build Ultium Cells, a 2.8 million square foot battery plant.
This investment comes as a serious step towards an all-electric future for GM, helping the company expand its EV portfolio.
Local production of EVs is considered a pillar in the success of automakers in the EV industry.
Production at the new facility is scheduled to begin in late 2023.
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