- General Motors and LG Chem have named their joint venture "Ultium Cells LLC."
- "Ultium" is the name that GM revealed earlier this year when the car company announced its battery technology.
- The new factory is a $2.3-billion plant being built in Ohio, near a factory that was controversially closed in 2019.
- Visit Business Insider's homepage for more stories.
General Motors and LG Chem are doing preparatory construction on a new, $2.3 billion factory in Ohio.
The companies made the announcement on Tuesday and said that the new, 50-50 joint venture would be called "Ultium Cells LLC." Earlier this year, GM unveiled its new Ultium battery technology, intended to power 22 new electrified vehicles by 2023.
In 2018, GM "un-allocated" its Lordstown Assembly plant, later idling the facility and then selling it to Lordstown Motors. 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.
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.
"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 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."
Automakers aiming to compete in the growing electric-car market want to secure a steady supply of batteries. Tesla operates a large Gigafactory in Nevada, manufacturing the thousands of cells that go into its vehicles, in partnership with Panasonic.
FOLLOW US: On Facebook for more car and transportation content!
Join the conversation about this story »
NOW WATCH: Here's how the million-mile battery could lead to Teslas lasting a lifetime
https://ift.tt/2AKNWPk