Biden announces $2.5 billion loan to help GM and LG make EV batteries

SourceCBS 58, CNN
Date Published12/12/2022
Author NameElla Nilsen
Mentions specific company case(s) of reshoring, kept from offshoring, or transplantYes

Additional Reshoring Information:

Company/Division name Ultium Cells LLC
Parent companyGeneral Motors Company
Type of work Manufacturing
Reshoring category:Reshoring
Year reshoring announced:2022
Capital investment ($):2500
State(s) reshored to:MI
If relevant, work nearshored to:-
Industry(ies):Electrical Equipment, Appliances & Components
Product(s) reshoredEV batteries
What non-domestic negative factors made offshoring less attractive?Supply chain interruption risk/Natural disaster risk/Political instability
What domestic positive factors made reshoring more attractive?Government Incentives, Impact on domestic economy, Labor concessions, Sustainable supply chain, increased demand
Government Incentive dollar amount:2.5 bn$
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