GM joint venture gets $2.5B loan to build battery plants

NEW YORK (AP) — A joint venture between General Motors and South Korean battery company LG Energy Solution has closed on a $2.5 billion federal loan to help finance three lithium-ion battery cell plants in Ohio, Tennessee, and Michigan. The Department of Energy awarded the loan to the venture, which is called Ultium Cells. The loan is part of a government program designed to address the growing need for batteries for electric vehicles. It’s expected to create about 11,000 jobs. The loan was first announced in July.