U.S. finalizes $2.5b loan for GM and LG joint venture

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A joint venture between General Motors (NYSE:GM) and LG Energy

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Solution (KS:373220) has received a $2.5 billion low-cost loan from the

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U.S. Energy Department to assist finance the construction of three new lithium-ion

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battery cell production facilities. The financing will support 5,100 operational employment

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and 6,000 construction positions at the three lithium-ion manufacturing sites being built in Ohio,

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Tennessee, and Michigan. A fourth U.S. battery manufacturing location in Indiana is being

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considered by GM and LG Energy. During a Monday visit to Michigan, UAW President Ray Curry,

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Michigan Governor Gretchen Whitmer, Labor Department Deputy Secretary Julie Su,

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and other politicians, automakers, and EV battery businesses will join

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U.S. Energy Secretary Jennifer Granholm to promote the Ultium loan's successful closure.

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GM stock is up 0.57% as of Monday's midday trade.

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