This image provided by General Motors shows the GM Logo. General Motors says on Thursday, March 4, 2021, it’s looking for a site to build a second U.S. battery factory with joint venture partner LG Chem of Korea. GM spokesman Dan Flores says the companies hope to have a decision on a site in the first half of the year. (General Motors via AP)
DETROIT (AP) — General Motors says it's looking for a site to build a second U.S. battery factory with joint venture partner LG Chem of Korea.
The companies hope to have a decision on a site in the first half of the year, spokesman Dan Flores said Thursday.
Flores would not say where the company is looking, but it's likely to be near GM's Spring Hill, Tennessee, factory complex, which is one of three sites the company has designated to build electric vehicles.
A joint venture between GM and LG Chem currently is building a $2 billion battery factory in Lordstown, Ohio, near Cleveland, that will employ about 1,000 people. The site is fairly close to GM's two other designated electric vehicle plants, one in Detroit and the other north of the city in Orion Township, Michigan.
GM is likely to need far more battery capacity if it's able to deliver on a goal of converting all of its new passenger vehicles from internal combustion engines to electricity by 2035.
LG Chem now has a battery cell plant in Holland, Michigan, that supplies power to the Chevrolet Bolt hatchback and the new Bolt electric SUV.
Industry analysts have said that automakers face a global shortage of batteries as the industry moves away from gasoline powered vehicles. Most of the world's batteries are built in China and other countries.
The Wall Street Journal first reported that GM and LG Chem are pursuing a site in Tennessee to build a new battery plant.
GM's venture is risky, at least based on U.S. electric vehicle sales. Last year full battery electric vehicles accounted for only 2% of the U.S. market of 14.6 million in new vehicle sales. But automakers are set to roll out 22 new electric models this year and are baking on wider consumer acceptance.
The consulting firm LMC Automotive predicts that U.S. battery powered vehicle sales will hit over 1 million per year starting in 2023, reaching over 4 million by 2030.
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7 Cloud Computing Stocks to Lift Your Portfolio to New Heights
Cloud computing sounds complicated, and it has become more sophisticated as it evolves. However, the basic idea behind the cloud is the same. The “cloud” is a euphemistic term for the delivery of different services via the internet. In its early days, the cloud was used exclusively for data storage. Here’s an easy example of why this was important.
Back when the internet was cutting its teeth, I worked in marketing communications. The need to comply with Total Quality Control Systems (TQCS) for our largest clients meant we had to save every version of our files. Every. Single. One.
Now imagine that you’re producing a 120-page product catalog complete with photos and charts. Your hard drive is burning up just thinking about it. Yet that “data” had to be stored somewhere. And so we had a virtual server farm to try to warehouse all these graphic intensive (and memory sucking) files until we could archive them.
Other than the storage nightmare, consider that it was a pain to work remotely. You could copy a file from the server, but then were you working on the right file? I’m sure at least one person is reading this who remembers this pain.
The cloud takes that away. Cloud computing allows you to store files on a secure, remote server that everyone can access anywhere they have an internet connection. But it’s become so much more than that. Cloud computing now gives businesses a platform from which they can create applications and software. If that sounds confusing, I hope to simplify it in this presentation.
To help you understand which cloud computing stocks, you may want to add to your portfolio, and we’ve created this special presentation. These are seven of the cloud computing stocks that will continue to grow with the sector.
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