The General. Which is why we need a team of forward-thinking folks, ready to seize the opportunity and help us charge into a more sustainable, all-electric transportation future powered by Ultium Cells batteries. SPRING HILL, Tenn. - Ultium Cells LLC, the battery cell manufacturing joint venture of LG Energy Solution and General Motors, today announced the company is investing an additional $275 million in the Ultium Cells Spring Hill plant to expand the facility's battery cell output by more than 40 percent, from 35 gigawatt-hours to 50 . December 12, 2022. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Indicators. GM ( GM) said that via the Ultium Cells LLC joint venture with LG Energy, the car marker is "exploring the feasibility of constructing a second state-of-the-art battery cell plant." A. 2023 Canjex Publishing Ltd. All rights reserved. Ultium Cells Stock Price, Funding, Valuation, Revenue & Financial The facility will be located in Lansing, Michigan. View original content:http://www.prnewswire.com/news-releases/gm-and-lg-energy-solution-investing-2-3-billion-in-2nd-ultium-cells-manufacturing-plant-in-us-301270646.html. Stockwatch Round. Team members and construction partners gathered to recognize this historic milestone, occurring just over one year after construction began and without a lost-time incident. LG Energy Solution's Advanced Automotive Battery leads the market with its outstanding technologies and products. Additional career opportunities can be found on the Ultium Cells website. Once complete, the plant will produce battery cells to be used in General Motors (GM) Spring Hill assembly plant. The loan was issued in late November 2022 and was announced in December 2022. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. If our forecasts for the long term growth of the global EV market are even remotely in the ballpark, we believe there will be plenty of room to go around for competing EV supply beyond the likes of Tesla," Jonas wrote in the note. General Motors (NYSE:GM) is a global company committed to delivering safer, better and more sustainable ways for people to get around. . Li-Cycle - Li-Cycle Expands Partnership with Ultium Cells LLC; Li-Cycle GM and LG Chem's Ultium Cells partners with Li-Cycle to process Electric Vehicle Charging on-site! FY . Li-Cycle and Ultium Cells LLC Announce Agreement on Recycling of Tags News Storage Ultium Cells. The new battery cell plant will create 1,300 new jobs. Construction has started with ground prep activities for the future site of the Ultium battery cell manufacturing facility in Lordstown. All rights reserved. Top 11 Lithium and Battery Stocks to Buy Now - Yahoo Finance Overview. Work for a growing company in a growing industry with opportunities to learn and advance. Related News They can be arranged in different combinations of flexible modules and battery packs to provide the energy for every segment on the road today, from performance vehicles to work trucks. DOE estimates the battery cells manufactured by these facilities could reduce gasoline use by 480 million gallons per year. Ultium Cells LLC, a joint venture between General Motors and LG Energy Solution, will mass-produce Ultium battery cells at its Lordstown, Ohio facility to advance the push for a. 2022-12-2. This new investment is in addition to the $2.3 billion investment announced in April 2021. DOE closes $2.5B loan for Ultium Cells battery production. A General Motors and LG Energy Solution $2.3 billion joint venture battery production plant in Ohio has begun production. SPRING HILL, Tenn. - Ultium Cells LLC, the battery cell manufacturing joint venture of LG Energy Solution and General Motors, today announced the company is investing an additional $275 million in the Ultium Cells Spring Hill plant to expand the facility's battery cell output by more than 40 percent, from 35 gigawatt-hours to 50 GWh, when the Vous pouvez modifier vos choix tout moment en cliquant sur le lien Tableau de bord sur la vie prive prsent sur nos sites et dans nos applications. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. GM Opens Up a New Front in Its Battle With Tesla: Batteries AON Board Increases Quarterly Dividend By 11% It will allow us to build solid and stable U.S-based supply chains that enable everything from research, product development and production to the procurement of raw components,"LG Energy Solution President and CEO Jonghyun Kim said. The value of Ultium Cells LLC, which is a joint venture between General Motors and South Korean chemical firm LG Chem, is estimated at $20 billion, according to Morgan Stanley. But we understand that it's what's on the inside that counts, with our batteries and our people. Ultium Cells, a joint venture between General Motors and LG Energy Solution, will manage battery cell production at the three facilities, as a critical move to address the growing consumer demand for electric vehicles (EVs) on American roadways. Sharon Wrobel for Ultium Cells LLC, a joint venture of LG Energy Solution and General Motors, today announced a more than $2.3 billion investment to build its second battery cell manufacturing plant in the. Peridot Acquisition : Li-Cycle and Ultium Cells LLC Announce Agreement The Ultium Cells Spring Hill site joins other Ultium Cells battery cell manufacturing sites being constructed in Ohio and Michigan. Li-Cycle and Ultium Cells LLC Announce Agreement on Recycling of Both factories will supply the automaker with the cells needed for . Battery cells are an important step away from fossil fuels, but they also have the potential to revolutionize passenger vehicles as fundamentally as the internal combustion engine did all those years ago. The move, which was first reported by the Wall Street Journal, is part of the Detroit car makers strategy to expand its investment in electric vehicles. Written by Ultium Cells will provide battery cell capacity to support GM's North American electric vehicle assembly capacity of more than 1 million units by mid-decade, while supporting GM plans to supply other automotive companies and other industries including rail, aerospace, heavy trucking and marine customers. Ultium Cells team is comprised of some of the finest minds in the automotive and electronics industries, but we are looking for more of those rare individuals. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Co., Ltd. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. With a 30-year history in the battery business, LG Energy Solution has made consistent, large-scale investments to accumulate enough stability, credibility and manufacturing experience to invent its own cutting-edge technologies. We are looking for talented individuals with diverse skills, experiences, and a can-do spirit to grow with us in Warren, Ohio,Spring Hill, Tennessee, and Lansing, Michigan. GM and LG are on the cusp of taking a decision to locate the plant in Tennessee, the WSJ reported. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at http://www.gm.com. A final selection though hasnt yet been made. Spring Hill, Tenn. Today, the Ultium Cells battery cell manufacturing plant in Spring Hill, Tennessee, celebrated a major milestone as construction on the 2.8 million-square-foot facility surpassed its one millionth construction hour. Li-Cycle Corp. ("Li-Cycle" or "the Company"), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced an agreement with Ultium Cells LLC ("Ultium"), a joint venture of General Motors ("GM") and LG Energy Solution ("LGES"), to recycle up to 100% of the scrap generated by battery cell . My Watchlist. dvelopper et amliorer nos produits et services. WARREN, Ohio In honor of Breast Cancer Awareness Month, Ultium Cells teamed up with the Joanie Abdu Comprehensive Breast Care Center (JACBCC) in nearby Youngstown, Ohio, to spread awareness and raise money for Joanie's Promise, a program that ensures anyone in the community in need of diagnostic breast care services has access to the best care available regardless of their ability to pay. General Motors (GM) Ultium Cells Workers Vote to Join UAW - Yahoo Finance Battery cell production at the 2.8 million-square-foot facility will begin in late 2023. General Motors' 'Resilient' Internal Combustion Franchise, Cost Cutting Warrant Upgrade.. General Motors' Traditional Franchise Can Still Spur Billions of Dollars in Cash Flow, .. GM cuts several hundred full-time contract workers, General Motors Co Says Small Number Of Contractors Have Departed Co - Spokesperson, General motors co says says impacted contractors were notified b, General motors co says small number of contractors have departed. General Motors : Ultium Cells LLC and Li-Cycle Collaborate to Expand ", "This partnership with General Motors will transform Tennessee into another key location for electric vehicle and battery production. Home to the world's first EV battery lineup, we provide the best battery solutions for EVs worldwide. Stay up to date with what you want to know. Ditch the brown bag and enjoy lunch in the charging station. Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. Morgan Stanley Raises General Motors Target On Ultium - Benzinga News | Ultium Cells LLC By: Li . Ultium Cells LLC Ultium Cells LLC manufactures battery cells used in electric cars and other electric vehicles. Jonas listed Cadillac, Corvette, OnStar, China JVs, GM Hydrotec, GM Financial, Ultium EV batteries and Cruise robotaxis among the businesses, which he named the arms of the "GM SPACtopus." Ultium Cells Lansing Delta Township facility in Michigan is under construction and will start production in late 2024. Latest news about Ultium Cells - Stock Market - CloudQuote Based on our 30 years of R&D experience, we deliver the most advanced batteries that have been infused with cutting-edge technologies to EVs, Energy Storage Systems (ESS) and Mobility & IT applications across the world. Additional $275 million investment and 400 more jobs for Spring Hill, Tennessee battery cell plant will increase battery cell production by more than 40 percent to 50 gigawatt-hours, Production at the 2.8 million-square-foot facility will begin in late 2023. LG Energy Solution is a global leading battery maker providing the best solutions within the energy sector for a better world. All rights reserved. Advanced Technology Vehicles Manufacturing, U.S. Department of Energy Announces $2.5 Billion Loan to Ultium Cells for Three Domestic Battery Cell Manufacturing Facilities, LPO Offers Conditional Commitment for Loan to Build New EV Battery Cell Manufacturing Facilities in Ohio, Tennessee, Michigan, Lordstown, OH; Spring Hill, TN; Lansing, MI. Costcos 2Q Sales Soar 15% On E-Commerce Boom; Street Is Bullish, Splunks 4Q Results Top Wall Street Estimates; Shares Jump 5.1%, Zynga Snaps Up Echtra Games; Street Says Buy, Do Not Sell My Personal Information (CA Residents Only). Technology Innovation Amount. He added, however, that there are several risks around the company generating credit for its battery capacity. The companies made the announcement on Tuesday and said that the new, 50-50 joint venture would be called "Ultium Cells LLC." An average analyst price target of $68.15 implies 16.08% upside potential to current levels. Battery cells are an important step away from fossil fuels, but they also have the potential to revolutionize passenger vehicles as fundamentally as the internal combustion engine did all those years ago. Copy and paste multiple symbols separated by spaces. TipRanks' multi-award winning platform ranks financial experts based on measured performance and the accuracy of their predictions so investors know who to trust when making investment decisions. The. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. Ultium battery cells feature nickel-cobalt-manganese-aluminum (NCMA) chemistry, and will be manufactured by Ultium Cells LLC, a joint-venture of GM and LG Energy Solution.