General Motors and its battery partner are building a new factory in Ohio as the carmaker prepares to reveal 22 new electrified vehicles by 2023 (GM)

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 technology.
• The new factory is a $2.3-billion plant being built in Ohio, near a factory that was controversially closed in 2019.
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General Motors and LG Chem are doing preparatory construction on a new, $2.3 billion factory in Ohio.

The companies made the announcement on Tuesday and said that the new, 50-50 joint venture would be called "Ultium Cells LLC." Earlier this year, GM unveiled its new Ultium battery technology, intended to power 22 new electrified vehicles by 2023.

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