
The US Department of Energy announced a big boost to domestic electric vehicle battery production on Monday. It’s loaning $2.5 billion to a company called Ultium Cells, a joint venture between General Motors and LG Energy Solution that will build batteries for the automaker’s new range of EVs. The funds will help with the construction of three new battery plants in the US—in Lansing, Michigan; Lordstown, Ohio; and Spring Hill, Tennessee—as part of GM’s plan to build 1 million EVs a year by 2025.
Read more: EU Probes State Aid Given To Poland’s LG Chem’s Electric Vehicles Battery Plant
US battery production is set for massive growth in the coming years. First, the pandemic disrupted shipping, exposing the fragility of global just-in-time supply lines. Then, the Inflation Reduction Act of 2022 tied an EV’s potential tax credit to the domestic content of that EV’s battery pack, in terms of raw materials and final assembly. Each year, an escalating proportion of the battery must be domestic in order to qualify for the credits of up to $7,500.
Featured News
Elon Musk Leads $97.4 Billion Bid to Take Control of OpenAI
Feb 10, 2025 by
CPI
Nigerian Court Confirms Consumer Protection Commission’s Authority Over Telecom Sector
Feb 10, 2025 by
CPI
Microsoft Under French Antitrust Investigation Over Bing Practices
Feb 10, 2025 by
CPI
Hausfeld Grows Antitrust Litigation Team
Feb 10, 2025 by
CPI
Microsoft Seeks to Ease EU Antitrust Concerns With Office Pricing Adjustment
Feb 10, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon