South Korea’s LG Chem said on Thursday it would invest $916 million in its US subsidiary by 2023 to set up an electric vehicle battery joint venture with General Motors.
An LG Chem spokesman confirmed an earlier Reuters report on the joint venture, but declined to give details.
One source familiar with the matter told Reuters earlier that the facility, expected to be located in the Lordstown area of Ohio, would see investment of more than $2 billion, with GM and LG Chem expected to invest more than $1 billion each.
The venture is likely to be signed on Thursday, sources said.
A General Motors (GM) spokeswoman declined to comment.
“Talks occur on a regular basis in the auto industry between a variety of partners on different topics, but as a matter of policy we don’t discuss who, where or when those discussions might occur,” she said.