Sign up for notifications from Insider! 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. The facility will be located in Spring Hill, Tennessee. In 2019, GM announced the formation of Ultium Cells LLC. Create your Watchlist to save your favorite quotes on Nasdaq.com. "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.". Ultium Cells is focused on the future of the transportation industry and its impact on the world, both culturally and environmentally. 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 General Motors Analyst:Adam Jonas maintained an Overweight rating for General Motors, while raising the price target from $43 to $46. The plant is to be built by Ultium Cells LLC, a joint venture between the two companies. Take care of yourself and your family with great benefits. Overall, Wall Street analysts share Jonas bullish outlook on the stock. Ultium Cells's latest funding round was a Loan for $2,500M on July 26, 2022. 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. Ultium Cells will build the new plant on land leased from GM. Ultium Cells Job Applicant Privacy Statement. Type a symbol or company name. Copy and paste multiple symbols separated by spaces. 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. 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.. Ultium Cells, a joint venture of LG Energy Solution and General Motors, today announced a $2.6 billion investment to build its third battery cell manufacturing plant in the United States. [18] Battery materials will be supplied by LG Chem and POSCO Chemical (cathode active materials) and Livent (lithium hydroxide). The addition of a second Ultium Cells battery cell manufacturing plant will mark an important milestone in GM's push for an electric future. With a 30-year history in the battery business, LG Energy Solution has made consistent, large-scale investments to accumulate enough stability, credibility and manufacturing experience to invent its own cutting-edge technologies. 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. 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. DOE estimates the battery cells manufactured by these facilities could reduce gasoline use by 480 million gallons per year. Steel construction on the 2.8 million square-foot facility will continue into Spring of 2023. 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. AON Board Increases Quarterly Dividend By 11% Once operational, the facility will supply battery cells to GM's Spring Hill assembly plant. Type a symbol or company name. 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. 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. Written by 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 . Your browser does not support the video tag. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Holden, Baojun and Wuling brands. Currencies. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. dvelopper et amliorer nos produits et services. The new battery cell plant will create 1,300 new jobs. $2,500M. GM shares have ballooned 76% over the past six months, as the automaker presented investors with a strategic update on its electric vehicle (EV) vision, which includes more than $20 billion investment over the next 5 years. Jonas has an $80 price target on GM, implying 36.2% upside potential to current levels. 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. The plant will be extremely flexible and able to adapt to ongoing advances in technology and materials. In 2010, the company built its first U.S battery plant in Holland, Michigan. Jonas listed Cadillac, Corvette, OnStar, China JVs, GM Hydrotec, GM Financial, Ultium EV batteries and Cruise robotaxis among the businesses, which he named the arms of the "GM SPACtopus." ", "This partnership with General Motors will transform Tennessee into another key location for electric vehicle and battery production. 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. An average analyst price target of $68.15 implies 16.08% upside potential to current levels. GM ( GM) said that via the Ultium Cells LLC joint venture with LG Energy, the car marker is "exploring the feasibility of constructing a second state-of-the-art battery cell plant." A. 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. The analystadded that General Motors story is bigger than Ultium and much bigger than the near-term stock price.. Our leadership prioritizes health and safety, encourages employee engagement, welcomes diversity, and promotes an atmosphere of inclusiveness. 0. 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' 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. Real-time Estimate Cboe BZX Hiring is already underway as the Ultium Cells Spring Hill team continues to onboard key launch team members for the business. 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. All rights reserved. A final selection though hasnt yet been made. The 2.8-million square foot Ultium Cells LLC plant is the first of at . These symbols will be available throughout the site during your session. 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. 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. In 2010, the company built its first U.S battery plant in Holland, Michigan. 10 Biggest Price Target Changes For Tuesday. Ultium Cells is taking the appropriate steps to support GMs plan for more than 1 million units of EV capacity in North America by mid-decade., Ultium Cells will play a critical role in making GMs commitment to an all-electric future a reality, said Tim Herrick, GMs vice president of EV Launch Excellence. 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. 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. Buoyed by the move to construct the new battery cell plant, Morgan Stanleys analyst Adam Jonas reiterated a Buy rating on the stock. Nous, Yahoo, faisons partie de la famille de marques Yahoo. Stay up to date with what you want to know. The General Motors Thesis: Ultium is a major part of General Motors entire EV capabilities, Jonas said. Once complete, the plant will produce battery cells to be used in General Motors (GM) Spring Hill assembly plant. 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 . 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. Team members and construction partners gathered to recognize this historic milestone, occurring just over one year after construction began and without a lost-time incident. Work for a growing company in a growing industry with opportunities to learn and advance. GM and LG Energy Solution Investing $2.3 Billion in 2nd Ultium Cells Manufacturing Plant in U.S. NASHVILLE, Tenn., April 16, 2021 /PRNewswire/ --. Based on our 30 years of R&D experience, we deliver the most advanced batteries that have been infused with cutting-edge technologies to EVs, Energy Storage Systems (ESS) and Mobility & IT applications across the world. (C) 2020 M2 COMMUNICATIONS, source M2 PressWIRE. In 2018, GM "un-allocated" its Lordstown Assembly plant, later idling the facility and then selling it to Lordstown Motors.
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