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DOE estimates the battery cells manufactured by these facilities could reduce gasoline use by 480 million gallons per year. LORDSTOWN, Ohio -- Ultium Cells LLC is the name of the General Motors and LG Chem joint venture for cell manufacturing. Through Ultium Cells, LG Energy Solution and GM will merge their advanced technologies and capabilities to help accelerate automotive electrification. The proposed facility will leverage advanced cell manufacturing processes and adapt to technological advances in battery and electric vehicle production. Morgan Stanley Raises General Motors Target On Ultium Valuation The addition of a second Ultium Cells battery cell manufacturing plant will mark an important milestone in GM's push for an electric future. Deutsche Bank Adjusts General Motors Price Target to $35 From $37, Maintains Hold Ratin.. Chief Financial Officer & Executive Vice President, CTO, Vice President-Global Research & Development. The companies made the announcement on Tuesday and said that the new, 50-50 joint venture would be called "Ultium Cells LLC." 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. 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. 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. Take care of yourself and your family with great benefits. Commenting on the proposed battery facility, GMs Chairman and CEO Mary Barra stated, The support of the state of Tennessee was an important factor in making this investment in Spring Hill possible and this type of support will be critical moving forward as we continue to take steps to transition our manufacturing footprint to support EV production. Si vous ne souhaitez pas que nos partenaires et nousmmes utilisions des cookies et vos donnes personnelles pour ces motifs supplmentaires, cliquez sur Refuser tout. GM and LG Energy Solution Investing $2.6 Billion to Build 3rd Ultium Cells Manufacturing Plant in Lansing GM shares have ballooned 76% over the past six months, as the automaker presented investors with a strategic update on its electric vehicle (EV) vision, which includes more than $20 billion investment over the next 5 years. Morgan Stanley Raises General Motors Target On Ultium Valuation - Yahoo Last Updated December 2022. GM And LG To Invest $2.3B In Tennessee Manufacturing Plant Amount. GM's proprietary Ultium battery technology is at the heart of the company's strategy to compete for nearly every EV customer in the marketplace, whether they are looking for affordable transportation, luxury vehicles, work trucks, commercial trucks or high-performance machines. More information on the company and its subsidiaries, includingOnStar, a global leader in vehicle safety and security services, can be found athttps://www.gm.com. $2,500M. Earlier this year, GM unveiled its new Ultium battery technology, intended to power 22 new electrified vehicles by 2023. In August this year, 85% of Ultium Cells workers signed. "During the pandemic, product development work on GM's future EV and AV portfolios continues to progress at a rapid pace," GM said in a statement. 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. 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. Lieutenant Governor Jon Husted and JobsOhio President JP Nauseef accompanied the tour. Address: 7400 Tod Ave SW Warren, OH, 44481-9627 United States See other locations Phone: Website: www.ultiumcell.com Employees (this site): Modelled Employees (all sites): Actual Revenue: Modelled Year Started: ESG ranking: ESG industry average: What is D&B's ESG Ranking? General Motors shares are up about 41% year to date after a 13.58% pop in 2020. 0. IBM Acquires myInvenio To Enhance Business Processes Automation. In 2010, the company built its first U.S battery plant in Holland, Michigan. Automakers aiming to compete in the growing electric-car market want to secure a steady supply of batteries. Ultium Cells is focused on the future of the transportation industry and its impact on the world, both culturally and environmentally. According to the analyst, the Ultium Cells LLC joint venture will be a game-changer for GM and he expects it to result in value creation for shareholders. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Latest news about Ultium Cells - Stock Market - CloudQuote While some investors view Ultium as copying Tesla Inc (NASDAQ:TSLA), there seems to be only one mission for General Motors to grow. 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. Real-time Estimate Cboe BZX Li-Cycle - Li-Cycle Expands Partnership with Ultium Cells LLC; Li-Cycle GM confirms $2.3 billion investment with LG in battery cell - Electrek Morgan Stanley Raises General Motors Target On Ultium Valuation Construction on the approximately 2.8 million-square-foot facility will begin immediately, and the plant is scheduled to open in late 2023. The two companies are building a $2.3 billion battery plant in northeast Ohio expected to open its doors next year to supply enough batteries to power hundreds of thousands of vehicles annually. The new factory is located near the old Lordstown plant, and GM has said that it will be staffed with UAW workers and create 1,100 new jobs. Type a symbol or company name. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. Electric Vehicle Charging on-site! LORDSTOWN, Ohio - GM continues to advance toward an all-electric, zero-emissions future with the construction of its nearly 3 million-square-foot Ultium Cells LLC battery cell manufacturing facility in Lordstown. The loan was issued in late November 2022 and was announced in December 2022. Written by The facility will be located in Spring Hill, Tennessee. mesurer votre utilisation de nos sites et applications. Written by In December 2022, the Department of Energy announced the closing of a $2.5 billion loan to Ultium Cells LLC to help finance the construction of new lithium-ion battery cell manufacturing facilities in Ohio, Tennessee, and Michigan. * Approximate amount of the loan facility approved at closing including principal and any capitalized interest. Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS, supply its Hydrotec fuel cell power cubes, HUMMER EV SUV and the Chevrolet Silverado electric pickup truck, 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, GM's zero-emissions technology will extend to fuel cells as the company announced it will.

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