Partnerships / Acquisitions

GM Enters $2.3B JV To Further Production Of Electric Vehicles

General Motors announced that it is partnering with Korea’s LG Chem to mass-produce battery cells for future battery-electric vehicles.

The companies will together invest up to $2.3 billion through a new, equally owned joint venture company, which will establish a battery cell assembly plant on a greenfield manufacturing site in Northeast Ohio. The plant, which will create more than 1,100 new jobs, will use the most advanced manufacturing processes to produce cells efficiently, with little waste. Groundbreaking is expected to take place in mid-2020.

“With this investment, Ohio and its highly capable workforce will play a key role in our journey toward a world with zero emissions,” GM Chairman and CEO Mary Barra said in a press release. “Combining our manufacturing expertise with LG Chem’s leading battery-cell technology will help accelerate our pursuit of an all-electric future. We look forward to collaborating with LG Chem on future cell technologies that will continue to improve the value we deliver to our customers.”

“Our joint venture with the No. 1 American automaker will further prepare us for the anticipated growth of the North American EV market, while giving us insights into the broader EV ecosystem,” added LG Chem Vice Chairman & CEO Hak-Cheol Shin. “Our long-standing history with General Motors has proven our collective expertise in this space, and we look forward to continuing this drive for zero emissions.”

GM is also reportedly working on a new version of its most profitable pickup truck model in an effort to take on Tesla. Electric pickups could help GM in making notable sales of electric vehicles (EVs) that will have to meet stricter emission standards as well as electric vehicle mandates in California and other states. And at the beginning of the year it was reported that Amazon and GM were in talks about making an investment in Michigan-based startup Rivian Automotive.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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