Today, we celebrated the final beam installation at our facility under construction in Lansing, Michigan alongside construction partners and ironworkers . Become a subscriber. For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate., Invest Like a Pro with Unique Data & Simplifed Tools, General Motors joining Eclipse Foundation for open source software, Why General Motors (NYSE:GM) Can Benefit from an EV Implosion, General Motors price target lowered to $35 from $37 at Deutsche Bank. On December 4th, 2022, POSCO Chemical signed a contract with Ultium Cells LLC to supply anode materials worth about 939.9 billion won. +82-10-4907-0322 The U.S. government hopes to reduce this dependency by pushing its automakers to build their own battery cell manufacturing plants in the nation. As Tennessee continues to lead the automotive industry, we proudly welcome additional investment and job creation from companies around the globe. When I said, 'Its not union pay,' they had no interest in the union. Ultium will start hiring about 400 people there later this year, then start production at the plant early next year and hire another 700 people throughout 2022. Today we stand together again with our partners at GM and our new partner LG Energy Solution to announce another multi-billion-dollar investment into Maury County. GM said that via the Ultium Cells LLC joint venture with LG Energy, the car marker is "exploring the feasibility of constructing a second state-of-the-art battery cell plant." A decision . GM will also continue to produce the Cadillac XT6 and XT5 at the facility. 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. About LG Energy Solution It has not said how many jobs these ventures would create. "We are supportive of the process that allows workers to determine their representation," said GM spokesman David Barnas. For more information about Ultium Cells, please visithttps://www.ultiumcell.com. 2020 Benzinga.com. LORDSTOWN, Ohio - The president and CEO of Ultium Cells LLC said Wednesday that a key component in making its $2.3 billion electric-vehicle battery plant a success will be its workforce. The General Motors Thesis: Ultium is a major part of General Motors entire EV capabilities, Jonas said. About Ultium Cells General Motors, its subsidiaries and its joint venture entities sell vehicles under the, brands. General Motors(NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. Our Ultium cells pack a punch! Production at the 2.8-million-square-foot facility will begin in late 2023. Compared to natural graphite anode material*, artificial graphite anode material* is mainly used for electric vehicle batteries because it increases battery charging speed and extends lifespan. 10 Biggest Price Target Changes For Tuesday, View More Analyst Ratings for GM View the Latest Analyst Ratings, 7 Reasons Why This Teladoc Health Analyst Is Turning Bullish, BofA Cuts Intel Target On Uncertain Roadmap, Why This Peloton Analyst Says An Apple Fitness Subscription Poses Little Threat. Not so, says the UAW. The facility will be located in Spring Hill, Tennessee. Last month, the U.S. Energy Department agreed to loan Ultium Cells $2.5 billion to help fund the construction of the plants in Ohio, Tennessee, and Michigan. The estimated combined cost of the three factories is around $7 billion, the JV said. At the time of Lordstown's closure, the average worker there madeabout $29.71 an hour, O'Hara said. Reuters, which was first to report the story, said astart-production date was unknown. They can be arranged in different combinations of flexible modules and battery packs to provide the energy for every segment on the road today, from . The cost in battery cell production is the materials, not the labor. Ultium Platform driving GM's commitment to an all-electric future; LANSING, Mich. - Ultium Cells, a joint venture of LG Energy Solution and General Motors, today announced a $2.6 billion investment to build its third battery cell manufacturing plant in the United States. ashin0@lgensol.com, Ultium Cells LLC Communications The Tennessee facility will supply battery cells to General Motors Spring Hill assembly plant for production of the Cadillac LYRIQ, the first electric vehicle produced at the plant, and other GM Ultium Platform-based electric vehicles. The General Motors . The General Motors Analyst: Adam Jonas maintained an Overweight rating for General Motors, while raising the price target from $43 to $46. Submit Answer. In particular, POSCO Chemical has internalized the entire value chain from raw materials to final production by sourcing needle coke*, a raw material, from PMC Tech, a carbon material subsidiary. The company will build the new 2.8-million-square-foot, state-of-the-art plant on land leased from General Motors. Through Ultium Cells, LG Energy Solution and GM will merge their advanced technologies and capabilities to help accelerate automotive electrification. We are grateful to Ultium Cells for their continued investment in Middle Tennessee and their commitment to advancing clean energy technologies for the 21st century. 2mo. Backtested performance is developed with the benefit of hindsight and has inherent limitations. Benzinga does not provide investment advice. DOE closes $2.5B loan for Ultium Cells battery production. Based on our 30 years of R&D experience, we deliver the most advanced batteries that have been infused with cutting-edge technologies to EVs, Energy Storage Systems (ESS) and Mobility & IT applications across the world. DETROIT, May 11, 2021 /PRNewswire/ -- Ultium Cells LLC, a joint venture between General Motors and LG Energy Solution, announced an agreement today with Li-Cycle to . Meanwhile, the stock has lost 43.6% so far this year. In October 2020, GM announced it would invest $2 billion in its Spring Hill assembly plant to begin the transition to become the companys third electric vehicle manufacturing site, and the first outside of the state of Michigan. Burns has said the plant will someday employ 4,000 to 5,000 people depending on demand for the Endurance pickup it will produce there. Energy options range from 50 to 200 kilowatt hours, which could enable a GM-estimated range up to 450 miles or more on a full charge with 0-60 mph acceleration in 3 seconds*. Ultium Cells LLC, the joint venture between General Motors andLG Energy Solution, is eyeing northernIndiana for its next and fourth battery cell factory. The project represents a $275 million investment by Ultium Cells, which is in addition to the $2.3 billion investment announced in April 2021, and is expected to create 400 additional jobs. . Ultium Cells will build the new plant on land leased from GM. Wait for an ADR. The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 11 Buys, three Holds, and one Sell. Ultium Cells will invest $275 million in its Spring Hill, Tennessee, battery plant to expand EV battery cell output by 40%. GM aims tohave more than1 million unitsof EV capacity annually in North America by the end of 2025 and toconvert half of its North American assembly capacity to EV production by 2030. But there are no guarantees in theSouth that a labor union will prevail. He added, however, that there are several risks around the company generating credit for its battery capacity. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. An hourly worker at a GM engine plant currently can earn more than $31 an hour, Estrada said, versus what's expected to be a $15 to $17 an hour wage. They thought the union only sucks blood out of your pay and is corrupt.. Media Contacts The governments Advanced Technology Vehicles Manufacturing (ATVM) loan program will issue the loan, with a conditional commitment to build the said factories. Tags News Storage Ultium Cells. The analystadded that General Motors story is bigger than Ultium and much bigger than the near-term stock price.. Since May 2020, ground has been broken and concrete footings have been poured at the facility. With a 30-year history in the battery business, LG Energy Solution has made consistent, large-scale investments to accumulate enough stability, credibility and manufacturing experience to invent its own cutting-edge technologies. Products. The 65% was thehighest rating since 2003. The county on Tuesday granted the companies, through their Ultium Cells LLC joint venture, a 10-year real property and 15-year personal property tax exemptions. Home; About; Program; FAQ; Registration; Sponsorship; Contact; Home; About; Program; FAQ; Registration; Sponsorship . *Natural graphite anode material : Natural graphite is processed as raw material and is a plate-shaped structure in which particles are layered, and there is a lot of space between the particle structures, resulting in a large energy storage capacity. It would take 20 small cylindrical can cells (the ones our competitors use) to produce the power of one Ultium large-format 100 amp-hour cell. When a company says theyll stay neutral, they know all of that (negative press) will come up. Number of Funding Rounds 2. Based on our technology and competitiveness in raw materials, we will expand our global customers and develop our cathode and anode material business in a balanced manner to become a global top-tier battery material company. That's a possible challenge to organizing, he said. The $2.5 billion loan will surely boost the production process at Ultium Cells plants and will bolster GMs electric vehicle production. Get the latest business insights from Dun & Bradstreet. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Russia evacuates more than 200 people from Sudan - defence ministry, US lawmakers dig into partisan corners as debt ceiling default looms, Milken Latest: McHenry Says House to Investigate Bank Regulators. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 25,000 patents. DOE closes $2.5B loan for Ultium Cells battery production. I appreciate General Motors and LG Energy Solution for making this substantial investment in Spring Hill and for creating 1,300 new jobs for Tennesseans. Gov. Reducing cobalt, reducing cost. Ultium in April announced a second $2.3 billion U.S.-based battery factory in Spring Hill, Tennessee that is due to open in 2023. LG Energy Solutions Advanced Automotive Battery leads the market with its outstanding technologies and products. Become a subscriber. authenticate users, apply security measures, and prevent spam and abuse, and, display personalised ads and content based on interest profiles, measure the effectiveness of personalised ads and content, and, develop and improve our products and services. He retiredin 2018. POSCO Chemical has been the only company in Korea to produce natural graphite anode materials since 2011. Some of the major manufacturers of lithium batteries include CATL, LGChem, BYD, and Samsung. We congratulate Ultium Cells and its employees for their remarkable success, and I look forward to continuing our partnership for many years to come. Rep. Kip Capley (R-Summertown). 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. When you go down to South Carolina and talk to autoworkers there like I did, they think their jobs are great and high-paying jobs. Estrada declined to disclose the status of the union's organizingprocess or timeframe. May. Most will have 400-volt battery packs and up to 200 kW fast charging capability while GMs truck platform will have 800-volt battery packs and 350 kW fast charging capability. The loan is a part of the Biden Administrations efforts to boost electric vehicle (EV) demand and usage across the U.S., in line with the Presidents target of making 50% of U.S. autos electric or plug-in hybrid vehicles by 2030. . Thisplant is expected to be similar to three others Ultium Cells is building and have a similar cost of about $2 billion, Reuters reported, citinga source briefed on the matter. We had to educate them, because they had an opinion that unions were bad.. Weve made a lot of changesunder President Rory Gamble and the board," Estrada said. "Eventhough the Mahoning Valley is a strong labor area, it used to be more so in the past than it is now," O'Hara said. The Tennessee site joins two other Ultium Cells battery cell manufacturing sites in Ohio and Michigan. By expanding battery cell output at Ultium Spring Hill, this investment will help GM offer customers the broadest EV portfolio of any automaker and further solidifies our path toward U.S. EV leadership. Tim Herrick, vice president of EV Launch Excellence, General Motors, The increased cell production capacity at Ultium Cells will power more EVs in North America, moving toward a greener future. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Co., Ltd. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. Estrada said she is notconcerned about the South, if GM "gives a fair process" ofcard check and a guarantee of management neutrality.

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