GM receives $2.5B loan for construction of battery cell plants
The construction is expected to create more than 5,000 jobs.
DETROIT, Mich. (WILX) - The US Energy Department plans to lend $2.5 million to a joint venture between General Motors and LG Energy Solution.
The loan will go toward the construction of lithium battery cell plants in Michigan, Tennessee, and Ohio.
The loan is part of the Biden administration’s plan to jump-start the electric car market. The agreement is expected to become official in the coming months.
It comes from the US government’s “Advanced Technology Vehicles Manufacturing” loan program.
This is the program’s first new loan since 2010 and is expected to create more than 5,000 jobs.
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