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. GM and LG Energy Solution are investing $2.3 billion in the joint venture to support EV manufacturing in the U.S. , and in turn, local jobs, education, career training and infrastructure. Access your favorite topics in a personalized feed while you're on the go. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Electricity is the future of transportation, powered by battery cells that are designed and manufactured by some of the brightest, most innovative people in the world. 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The closure became an issue when President Donald Trump got involved, and it remained an issue through the 2019 United Auto Workers strike against GM. Neha Gupta for (See General Motors stock analysis on TipRanks). 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. On TipRanks' Smart Score system ranking, GM gets a 7 out of 10, which implies that the stock is likely to perform in line with market averages. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. The cells manufactured by Ultium Cells LLC are large format, pouch-type cells that use a state-of-the-art nickel-cobalt-manganese-aluminum (NCMA) chemistry to deliver more range at less cost. Secure and increase the performance of your investments with our team of experts at your side. ULTIUM CELLS | Department of Energy Since May, Ultium Cells has broken ground and poured concrete footings at its new Lansing, Michigan site. TipRanks is the most comprehensive data set of sell side analysts and hedge fund managers. Hiring is already underway as the Ultium Cells Spring Hill team continues to onboard key launch team members for the business.
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