US finalizes $2.5 billion loan to GM, LG battery joint venture

WASHINGTON : The U.S. Energy Department said on Monday it had finalized a $2.5 billion low-cost loan to a joint venture of General Motors Co and LG Energy Solution to help pay for three new lithium-ion battery cell manufacturing facilities.

U.S. Energy Secretary Jennifer Granholm plans to tout the closing of the Ultium loan on a visit to Michigan on Monday with Labor Department Deputy Secretary Julie Su, Michigan Governor Gretchen Whitmer, United Auto Workers President Ray Curry and other officials, automakers and EV battery companies. They will discuss strategies to recruit and retain a diverse and skilled battery workforce, and the Biden administration's Battery Workforce Initiative.

President Joe Biden has set a goal for 50 per cent of U.S. auto production by 2030 to be electric or plug-in electric hybrid vehicles. GM plans to build 1 million EVs in North America by 2025 and to stop selling gasoline-powered vehicles by 2035.

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