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 Ultium is the future of GM and WBMS will be standard in every one of its vehicles that use this battery technology. Tesla, which has a powerful battery that is charged by only electricity. Starting at $4.50. "The Cruise Origin was revealed in San Francisco earlier this year, and production timing remains on track for the yet-to-be-revealed Cadillac Lyriq and GMC HUMMER EV, all powered by the Ultium battery system.". 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. 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. Battery cell production at the 2.8 million-square-foot facility will begin in late 2023. Ultium Cellsis a joint venture between General Motors and LG Energy Solution that will mass-produce Ultium battery cells to advance the push for a zero-emissions, all-electric future. LORDSTOWN, Ohio -- Ultium Cells LLC is the name of the General Motors and LG Chem joint venture for cell manufacturing. The plant will be extremely flexible and able to adapt to ongoing advances in technology and materials. GM has announced plans to produce some 250 million Ultium cells a year by 2025 and, once fully online, the Lordstown facility should produce at least 30 gigawatt-hours of batteries annually . " Ultium Cells LLC is the name of the General. Ultium energy options range from 50 to 200 kWh, which could enable a GM-estimated range up to 400 miles or more on a full charge with 0 to 60 mph acceleration as low as 3 seconds. Technology Innovation Additional career opportunities can be found on the Ultium Cells website. The automaker's market cap is $69.7 billion. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. Got a confidential news tip? GM and LG Energy Solution Investing $2.3 Billion in 2nd Ultium Cells Manufacturing Plant in U.S. PR Newswire NASHVILLE, Tenn., April 16, 2021 NASHVILLE, Tenn., April 16, 2021 /PRNewswire/ -- 2.8 mi. Disclosure: No positions. Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. The first product from BrightDrop will be a propulsion-assisted electric pallet called the EP1 that's scheduled to go on sale by March. They can be used in portable consumer devices such as smartphones, smart watches, and other smart devices. 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Ultium Cells LLC - Company Profile and News - Bloomberg Markets Americas +1 212 318 2000 EMEA +44 20 7330 7500 Company Subscribe Live Now Markets Markets Deals Odd Lots The FIX | Fixed Income. These batteries are used in the most powerful battery-operated vehicles today like the Tesla, which has a powerful battery that is charged by only electricity. Ironworkers and construction partners at the Ultium Cells battery cell manufacturing facility install the final beam as part of a traditional topping out ceremony Wednesday, June 8, 2022 in Spring Hill, Tennessee. The lithium-ion battery has become the most sought-after battery for electric vehicles because of its lighter weight, smaller size, and longer life capacity than the other batteries that are available in the market. December 12, 2022. It is planned to be deployed for battery electric vehicles from General Motors portfolio brands along with vehicles from Honda and Acura.. Ultium is characterized by a modular layout, using an Ultium battery to supply power to one or two Ultium Drive unit(s) using a common set of power electronics . as well as other partner offers and accept our. For more information about Ultium Cells, please visit https://www.ultiumcell.com. Morgan Stanley analyst Adam Jonas notes that GM's EV business plus the stake in its battery joint venture with LG, called Ultium Cells LLC, could propel the stock higher. The General Motors . "BrightDrop is a new business from GM that reimagines commercial delivery and logistics for an all-electric future," Barra said. Morgan Stanley's favorite stocks to play the $6 trillion A.I. That includes a new glass roof made of smart glass that allows each occupant to set their own transparency levels. Ultium Cells will invest $275 million in its Spring Hill, Tennessee, battery plant to expand EV battery cell output by 40%. "Importantly, I truly believe this coming together transcends a partnership as it marks adefining moment that will reduce emissions and help to accelerate the adoption of EVs.". GM's stock closed up 1.9% at $48.73 a share, setting a new closing record after hitting an intraday high of $50.97 earlier Wednesday. A 2022 Chevrolet Bolt EUV is charged at an EVgo fast charging station. The United Auto Workers originally filed a petition for a . 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 manufacturing at Ultiums Lordstown . Ultium Cells was founded as part of GM's long-term strategy to produce a complete range of zero-emissions, all-electric cars and trucks by 2035. General Motors has made several announcements in the last 18 months that underscore its commitment to an all-electric, zero-emissions future, including: General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. As the production of smartphones constantly increases, the demand for lithium-ion batteries in return increases as well, this promises constant positive demand and revenue for the lithium-ion battery industry. 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. The company declined to comment further on the upcoming models. Photo by Dan MacMedan for Chevrolet. * Approximate amount of the loan facility approved at closing including principal and any capitalized interest. View all funding This profile has not been claimed. Shares of General Motors opened Wednesday above $50 for the first time ever after CEO Mary Barra and other executives laid out an array of future business plans from electric vehicles to flying cars at the CES technology conference. The new expansion will help fuel GM 's aggressive EV strategy as it. The General Motors Analyst: Adam Jonas maintained an Overweight rating for General . The companys revenue for trailing twelve months was $1.8 billion. 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. General Motors and LG Chem are doing preparatory construction on a new, $2.3 billion factory in Ohio. Both are built on GM's Ultium platform. Joho Capital boosted its stake in LTHM by 32% during the third quarter. 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. With shares up 25% so far this year, the average analyst price target of $63.67 suggests additional 23% upside potential lies ahead over the coming year. 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. Michael Simcoe, vice president of GM global design, previews upcoming EVs from the automaker on Jan. 12, 2021 for the CES technology conference. 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. Electric Vehicle Charging on-site! "It's about time. Through Ultium Cells, LG Energy Solution and GM will merge their advanced technologies and capabilities to help accelerate automotive electrification. Lithium batteries are primary batteries that have metallic lithium as an anode that is primarily mined in China, South America, and Australia while Chile is the country with the largest lithium. Both factories will supply the automaker with the cells needed for . At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. Ultium Cells LLC. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. GM announced that factory. In addition, during their US public offering, they raised a total of $US57.5 million which they will be using to strengthen their goal of becoming America's first new producer of lithium hydroxide in decades. GM has a full portfolio of electric products, not just vehicles, planned for the new unit, according to executives.