Written by GM 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. Ultium batteries are unique in the industry because the large-format, pouch-style cells can be stacked vertically or horizontally inside the battery pack. Work for a growing company in a growing industry with opportunities to learn and advance. By expanding battery cell output at Ultium Cells 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., The increased cell production capacity at Ultium Cells will power more EVs in North America, moving toward a greener future," said Charles Oh Young Hyun, president at LG Energy Solution Michigan. WARREN, Ohio In honor of Breast Cancer Awareness Month, Ultium Cells teamed up with the Joanie Abdu Comprehensive Breast Care Center (JACBCC) in nearby Youngstown, Ohio, to spread awareness and raise money for Joanie's Promise, a program that ensures anyone in the community in need of diagnostic breast care services has access to the best care available regardless of their ability to pay. With the additional investment, the capacity expansion is expected to create 400 additional new jobs, bringing the expected plant total to 1,700 new high-tech jobs when the facility is fully operational. Our leadership prioritizes health and safety, encourages employee engagement, welcomes diversity, and promotes an atmosphere of inclusiveness. Ultium Cells team is comprised of some of the finest minds in the automotive and electronics industries, but we are looking for more of those rare individuals. TipRanks is the most comprehensive data set of sell side analysts and hedge fund managers. The new battery cell plant will create 1,300 new jobs. Type a symbol or company name. Did you know we are landfill free? The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Tesla operates a large Gigafactory in Nevada, manufacturing the thousands of cells that go into its vehicles, in partnership with Panasonic. [18] Battery materials will be supplied by LG Chem and POSCO Chemical (cathode active materials) and Livent (lithium hydroxide). When fully operational in 2022, the $2.3 billion Ultium Cells LLC plant in Lordstown will span three million-square-feet, with annual capacity of approximately 35 gigawatt hours. 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. Related News:Costcos 2Q Sales Soar 15% On E-Commerce Boom; Street Is BullishSplunks 4Q Results Top Wall Street Estimates; Shares Jump 5.1%Zynga Snaps Up Echtra Games; Street Says Buy. Vous pouvez modifier vos choix tout moment en cliquant sur le lien Tableau de bord sur la vie prive prsent sur nos sites et dans nos applications. Ultium Cells, a joint venture between General Motors and LG Energy Solution, will manage battery cell production at the three facilities, as a critical move to address the growing consumer demand for electric vehicles (EVs) on American roadways. Ultium Cells LLC Ultium Cells LLC manufactures battery cells used in electric cars and other electric vehicles. GM's proprietary Ultium battery technology is at the heart of the company's strategy to compete for nearly every EV customer in the marketplace, whether they are looking for affordable transportation, luxury vehicles, work trucks, commercial trucks or high-performance machines. We need technology-savvy people to fill roles across our organizationmanufacturing, administration, and more. Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. Valuation. Ultium Cells, a joint venture between General Motors and LG Energy Solution, will mass-produce Ultium battery cells to advance the push for a zero-emissions, all-electric future. By: Li . 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. General Motors scores a strong 8 out of 10 on the TipRanks Smart Score ranking system, implying that it is well-positioned to outperform the overall market averages. GM and LG Energy Solution Investing $2.3 Billion in 2nd Ultium Cells Manufacturing Plant in U.S. NASHVILLE, Tenn., April 16, 2021 /PRNewswire/ --. Si vous ne souhaitez pas que nos partenaires et nousmmes utilisions des cookies et vos donnes personnelles pour ces motifs supplmentaires, cliquez sur Refuser tout. Investors. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. Ultium Cells LLC is a joint venture with LG Chem that will mass-produce Ultium battery cells for electric vehicles and create more than 1,100 new jobs in Northeast Ohio. 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. While some investors view Ultium as copying Tesla Inc (NASDAQ:TSLA), there seems to be only one mission for General Motors to grow. GM's future Ultium-powered EVs are designed for Level 2 and DC fast charging. 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. GM Price Action: Shares of General Motors were trading at around $30.15 at the time of publication. Copy and paste multiple symbols separated by spaces. If our forecasts for the long term growth of the global EV market are even remotely in the ballpark, we believe there will be plenty of room to go around for competing EV supply beyond the likes of Tesla," Jonas wrote in the note. 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. Which is why we need a team of forward-thinking folks, ready to seize the opportunity and help us charge into a more sustainable, all-electric transportation future powered by Ultium Cells batteries. The greatest wealth in health. Once fully operational, the plant will create 1,700 new high-tech jobs to support the production of battery cells for GMs Ultium Platform-based EVs, including the Chevrolet Silverado EV and GMC Sierra EV. Ultium Cells Job Applicant Privacy Statement. GM and LG Energy Solution are investing $2.3 billion in the joint venture to support EV manufacturing in the U.S. , and in turn, local jobs, education, career training and infrastructure. 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. The strategic partnership should also affirm Tennessees stature as a key hub for electric vehicles and battery production. Your browser does not support the video tag. [19] [20] Specifications [ edit] From Green Power RSS Feed. A General Motors and LG Energy Solution $2.3 billion joint venture battery production plant in Ohio has begun production. Electric Vehicle Charging on-site! The General Motors Thesis: Ultium is a major part of General Motors entire EV capabilities, Jonas said. "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.". The General Motors Analyst:Adam Jonas maintained an Overweight rating for General Motors, while raising the price target from $43 to $46. The companies made the announcement on Tuesday and said that the new, 50-50 joint venture would be called "Ultium Cells LLC." Type a symbol or company name. We embrace this potential by manufacturing our battery cells in cutting-edge facilities where quality and safety are the top priorities. Indicators. Buoyed by the move to construct the new battery cell plant, Morgan Stanleys analyst Adam Jonas reiterated a Buy rating on the stock. In 2010, the company built its first U.S battery plant in Holland, Michigan. General Motors confirmed on Thursday that the vehicle maker is weighing building a second battery cell manufacturing plant in the US with joint venture partner LG Energy Solutions. TipRanks' multi-award winning platform ranks financial experts based on measured performance and the accuracy of their predictions so investors know who to trust when making investment decisions. 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. Morgan Stanley analyst Adam Jonas last month maintained a Buy rating on the stock with a $80 price target (54% upside potential) following recent talks with investors, which point to a rising interest in what he calls "the individual 'hidden gems' within" GMs technology and services portfolio, including scalable technologies in electric, connected and autonomous vehicle end markets. Si vous souhaitez personnaliser vos choix, cliquez sur Grer les paramtres de confidentialit. General Motors (NYSE:GM) is a global company committed to delivering safer, better and more sustainable ways for people to get around. Construction on the approximately 2.8 million-square-foot facility will begin immediately, and the plant is scheduled to open in late 2023. WARREN, Ohio Yesterday, Ultium Cells hosted General Motors, OnStar and the Illinois Fire Service Institute (IFSI) to deliver hands-on training to prepare local community First and Second Responders to operate safely at incidents involving Battery Electric Vehicles. 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. Gallagher added, We appreciate the support the state of Tennessee, Maury County and Spring Hill has shown Ultium Cells, and that support is playing an important role in making this expansion investment possible in our Spring Hill facility.. The facility will supply battery cells to GMs Spring Hill assembly plant for production of the Cadillac LYRIQ and other GM Ultium Platform-based EVs. Li-Cycle Expands Partnership with Ultium Cells LLC; Li-Cycle to Operate New Lithium-Ion Battery Recycling Facility Co-Located with Ultium Cells LLC's Battery Cell Manufacturing Plant in Ohio . Construction has started with ground prep activities for the future site of the Ultium battery cell manufacturing facility in Lordstown. Health Care Benefits start day one! Create your Watchlist to save your favorite quotes on Nasdaq.com. TipRanks->. General Motors shares are up about 41% year to date after a 13.58% pop in 2020. According to the analyst, the Ultium Cells LLC joint venture will be a game-changer for GM and he expects it to result in value creation for shareholders. Access your favorite topics in a personalized feed while you're on the go. News. The General. NOW WATCH: Here's how the million-mile battery could lead to Teslas lasting a lifetime, GM revealed earlier this year when the car company announced its battery technology, Visit Business Insider's homepage for more stories. In August this year, 85% of Ultium Cells workers signed. 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. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at http://www.gm.com. The two companies are building a $2.3 billion battery plant in northeast Ohio expected to open its doors next year to supply enough batteries to power hundreds of thousands of vehicles annually. Ultium Cells, a joint venture between General Motors and LG Energy Solution, will manage battery cell production at the three facilities, as a critical move to address the growing consumer demand for electric vehicles (EVs) on American roadways. 2023 Canjex Publishing Ltd. All rights reserved. mesurer votre utilisation de nos sites et applications. "The addition of our second all-new Ultium battery cell plant in the U.S. with our joint venture partner LG Energy Solution is another major step in our transition to an all-electric future," said GM Chairman and CEO Mary Barra. Ultium Cells LLC, a joint venture of LG Energy Solution and General Motors, today announced a more than $2.3 billion investment to build its second battery cell manufacturing plant in the. 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. Jonas has an $80 price target on GM,. Ultium Cells will build the new plant on land leased from GM. Work for a company making a difference. We have received election results from the National Labor Relations Board (NLRB) and respect the decision of our Ohio workforce supporting representation by the UAW. Ultium Cells's latest funding round was a Loan for $2,500M on July 26, 2022. Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. Currencies. Lieutenant Governor Jon Husted and JobsOhio President JP Nauseef accompanied the tour. Earlier this year, GM unveiled its new Ultium battery technology, intended to power 22 new electrified vehicles by 2023. How do we do this? Find the latest Altium Limited (ALMFF) stock quote, history, news and other vital information to help you with your stock trading and investing. In 2010, the company built its first U.S battery plant in Holland, Michigan. Real-time Estimate Cboe BZX See General Motors stock analysis on TipRanks, Marvell Shareholders Approve Acquisition Of Inphi, AON Board Increases Quarterly Dividend By 11%, IBM Acquires myInvenio To Enhance Business Processes Automation, Do Not Sell My Personal Information (CA Residents Only). It will allow us to build solid and stable U.S-based supply chains that enable everything from research, product development and production to the procurement of raw components,"LG Energy Solution President and CEO Jonghyun Kim said. Get the latest ride including electric vehicles with Ultium Cells at a discount on General Motors Vehicles. The plant is to be built by Ultium Cells LLC, a joint venture between the two companies. View original content: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. Our temperature controlled environment will keep you comfortable all year long. The first Ultium-powered model, expected to be out late in 2021, will be a GMC Hummer pickup, reborn as an EV with up to 1,000 horsepower. The General Motors Analyst: Adam Jonas maintained an Overweight rating for General Motors, while raising the price target from $43 to $46. All rights reserved. Hiring is already underway as the Ultium Cells Spring Hill team continues to onboard key launch team members for the business. Ultium Cells LLC, a joint venture between General Motors and LG Energy Solution, has announced that it will mass-produce Ultium battery cells to advance the push for a zero-emissions, all-electric future. The Strong Buy consensus rating shows 11 Buys versus 1 Hold. Overview. Latest News about Ultium Cells. For more information about Ultium Cells, please visit https://www.ultiumcell.com. Once the symbol of unrepentant gas-guzzling, the Hummer should now pass muster at any Silicon Valley cocktail party with its electric power train and zero tailpipe emissions. The company established its first research facility in the U.S. in the early 2000s. 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. Once operational, the facility will supply battery cells to GM's Spring Hill assembly plant. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. All rights reserved. Ultium Cells is committed to using the most technologically advanced methods in the industry to produce the very best of those battery cells, now and for generations to come. IBM Acquires myInvenio To Enhance Business Processes Automation. (See GM stock analysis on TipRanks). Automakers aiming to compete in the growing electric-car market want to secure a steady supply of batteries. Recent news which mentions Ultium Cells. Written by More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com. 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 . General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet,Buick,GMC,Cadillac, Baojunand Wulingbrands. Electricity is the future of transportation, powered by battery cells that are designed and manufactured by some of the brightest, most innovative people in the world. A final selection though hasnt yet been made. Since May, Ultium Cells has broken ground and poured concrete footings at its new Lansing, Michigan site. Commenting on the proposed battery facility, GMs Chairman and CEO Mary Barra stated, The support of the state of Tennessee was an important factor in making this investment in Spring Hill possible and this type of support will be critical moving forward as we continue to take steps to transition our manufacturing footprint to support EV production. GM (GM) said that via the Ultium Cells LLCjoint venture with LG Energy, the car marker is exploring the feasibility of constructing a second state-of-the-art battery cell plant. A decision should be made by the first half of 2021, the US vehicle maker said. These symbols will be available throughout the site during your session. 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. Ultium Cells LLC, a joint venture between General Motors and LG Energy Solution, will mass-produce Ultium battery cells at its Lordstown, Ohio facility to advance the push for a zero-emission, all-electric future. 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. Why GM's Stock . Sign up for notifications from Insider! This new investment is in addition to the $2.3 billion investment announced in April 2021. Deutsche Bank Adjusts General Motors Price Target to $35 From $37, Maintains Hold Ratin.. Chief Financial Officer & Executive Vice President, CTO, Vice President-Global Research & Development. In 2018, GM "un-allocated" its Lordstown Assembly plant, later idling the facility and then selling it to Lordstown Motors. The move, which was first reported by the Wall Street Journal, is part of the Detroit car makers strategy to expand its investment in electric vehicles. For more information about LG Energy Solution, please visit https://www.lgensol.com. Pour en savoir plus sur la faon dont nous utilisons vos donnes personnelles, veuillez consulter notre politique relative la vie prive et notre politique en matire de cookies. Advanced Technology Vehicles Manufacturing, U.S. Department of Energy Announces $2.5 Billion Loan to Ultium Cells for Three Domestic Battery Cell Manufacturing Facilities, LPO Offers Conditional Commitment for Loan to Build New EV Battery Cell Manufacturing Facilities in Ohio, Tennessee, Michigan, Lordstown, OH; Spring Hill, TN; Lansing, MI. The three new manufacturing facilities in Ohio, Michigan, and Tennessee are expected to create 6,000 construction jobs and 5,100 operations jobs. The facility will be located in Spring Hill, Tennessee. Ultium Cells Job Applicant Privacy Statement. Amount. General Motors' 'Resilient' Internal Combustion Franchise, Cost Cutting Warrant Upgrade.. General Motors' Traditional Franchise Can Still Spur Billions of Dollars in Cash Flow, .. GM cuts several hundred full-time contract workers, General Motors Co Says Small Number Of Contractors Have Departed Co - Spokesperson, General motors co says says impacted contractors were notified b, General motors co says small number of contractors have departed. Ultium Cells Lansing Delta Township facility in Michigan is under construction and will start production in late 2024. Date. Loan. Construction has started with ground prep activities for the future site of the Ultium battery cell manufacturing facility in Lordstown. The analystadded that General Motors story is bigger than Ultium and much bigger than the near-term stock price.. LANSING, Mich. Ironworkers, construction partners and Ultium Cells leadership today celebrated the final beam installation at the Ultium Cells battery cell manufacturing facility under construction in Lansing, Michigan. Through Ultium Cells, LG Energy Solution and GM will merge their advanced technologies and capabilities to help accelerate automotive electrification. The General Motors . In 2019, GM announced the formation of Ultium Cells LLC. Employees can receive career related educational support annually. The facility will be located in Lansing, Michigan. TipRanks->, General Motors and LG Energy have agreed to invest more than $2.3 billion in constructing a second battery plant in Tennessee. Related News GM and LG Energy Solution Investing $2.6 Billion to Build 3rd Ultium Cells Manufacturing Plant in Lansing Ultium Cells LLC, a joint venture of LG Energy Solution and General Motors, today announced a more than $2.3 billion investment to build its second battery cell manufacturing plant in the United States. According to the analyst, the Ultium Cells LLC joint venture will be a game-changer for GM and he expects it to result in value creation for shareholders. Round. LANSING, Mich. Today Ultium Cells celebrates the beginning of steel construction at its third battery cell manufacturing facility in the U.S. Spring Hill, Tenn. Ironworkers and construction partners at the Ultium Cells battery cell manufacturing facility in Spring Hill, Tennessee, marked a construction milestone today with the final beam installation at what will soon be a 2.8-million-square-foot operation. Costcos 2Q Sales Soar 15% On E-Commerce Boom; Street Is Bullish, Splunks 4Q Results Top Wall Street Estimates; Shares Jump 5.1%, Zynga Snaps Up Echtra Games; Street Says Buy, Do Not Sell My Personal Information (CA Residents Only). We look forward to a positive working relationship with the UAW. LORDSTOWN, Ohio -- Ultium Cells LLC is the name of the General Motors and LG Chem joint venture for cell manufacturing. 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. Markets. He added, however, that there are several risks around the company generating credit for its battery capacity. The loan was issued in late November 2022 and was announced in December 2022. Ultium Cells is focused on the future of the transportation industry and its impact on the world, both culturally and environmentally. Lithium cells can produce voltages from around 1.5V (comparable to a zinc-carbon or alkaline battery) to around 3.7V, depending on the design and chemical compounds that were used in the. The Company specializes in developing raw materials into pouch cells.. Battery cell production at the 2.8 million-square-foot facility will begin in late 2023. Both factories will supply the automaker with the cells needed for . Ultium Cells LLC, a joint venture between General Motors and LG Energy Solution, will mass-produce Ultium battery cells at its Lordstown, Ohio facility to advance the push for a. 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. Sources. Ultium Cells LLC 6,477 followers 2mo Today, we celebrated the final beam installation at our facility under construction in Lansing, Michigan alongside construction partners and ironworkers! Spring Hill, Tenn. Today, the Ultium Cells battery cell manufacturing plant in Spring Hill, Tennessee, celebrated a major milestone as construction on the 2.8 million-square-foot facility surpassed its one millionth construction hour. December 12, 2022. Energy options range from 50 to 200 kilowatt hours, which could enable a GM-estimated range up to 450miles or more on a full charge with 0-60 mph acceleration in 3 seconds1. ETFs. 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. Ultium Cells will build the new plant on land leased from GM. Ultium Cells LLC, a joint venture of LG Energy Solution and General Motors, today announced a more than $2.3 billion investment to build its second battery cell manufacturing plant in the United States. GM and LG are on the cusp of taking a decision to locate the plant in Tennessee, the WSJ reported. 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. General Motors and LG Chem are doing preparatory construction on a new, $2.3 billion factory in Ohio.
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