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GM joint venture gets $2.5 billion government
loan to help build EV battery cell plants

Original Article

Posted By: NorthernDog, 7/25/2022 6:12:46 PM

General Motors' joint venture with LG Energy Solution is on track to receive a multibillion-dollar loan from the U.S. government to build battery cell plants for electric vehicles, including one going up in Lansing. On Monday the Department of Energy announced "a conditional commitment" for $2.5 billion to GM and LG's 50-50 joint venture called Ultium Cells LLC. "While this conditional commitment demonstrates the Department’s intent to finance the project, several steps remain, and certain conditions must be satisfied before the Department issues a final loan," the DOE said in a blog posted Monday. The DOE declined to comment on

Comments:

Welfare for corporations. Will they get free lunches too?

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Reply 1 - Posted by: Bur Oak 7/25/2022 6:22:37 PM (No. 1228359)
GM is government motors. Watch billions of taxpayer money turn into nothing.
15 people like this.

Reply 2 - Posted by: Skinnydip 7/25/2022 6:30:18 PM (No. 1228368)
Solyndra anyone?
14 people like this.

Reply 3 - Posted by: enemyofthestate 7/25/2022 6:48:53 PM (No. 1228389)
Wasted money belonging to oppressed taxpayers, not the goobermint.
10 people like this.

Reply 4 - Posted by: weirdone 7/25/2022 7:04:35 PM (No. 1228403)
Are the taxpayers now supposed to pay for battery plants in China, as the paid for Cadillac there?
7 people like this.

Reply 5 - Posted by: GoodDeal 7/25/2022 7:10:04 PM (No. 1228415)
Soooo did Mister Pelosi buy stocks in these involved companies a short time ago??? Probably most definitely.
7 people like this.

Reply 6 - Posted by: 3XALADY 7/25/2022 7:23:27 PM (No. 1228438)
They need the batteries for the 40% of EV trucks the Post Office is buying to replace their fleet. Now that is a smart move fer sure. Pony Express might be faster in the outlands of Montana, Utah and the other lightly populated states.
5 people like this.

Reply 7 - Posted by: WhamDBambam 7/25/2022 7:39:31 PM (No. 1228462)
That sweeeet gooberment free tax money sure helps Science and Progress along.
4 people like this.

Reply 8 - Posted by: paral04 7/25/2022 7:48:26 PM (No. 1228481)
Are they going to produce these batteries in this country whose taxpayers are picking up the tab? They had better.
3 people like this.

Reply 9 - Posted by: Timber Queen 7/25/2022 8:05:14 PM (No. 1228495)
"Atlas Shrugged" Part III - not at a theater near you, but come to life. Hope you can find a Galt's Gulch or a reasonable facsimile. TK and I are snuggled in here on the homestead. God speed y'all.
5 people like this.

Reply 10 - Posted by: DVC 7/25/2022 9:02:41 PM (No. 1228547)
This is fundamentally WRONG. NO taxpayer dollars should be wasted on this useless boondoggle.
7 people like this.

Reply 11 - Posted by: smokincol 7/26/2022 1:03:47 AM (No. 1228661)
isn't that illegal?, since when does the United States government outwardly support a private corporation? beginning to sound like the $450 billion computer chip bill that 16 senate RINO's just helped to advance in that lousy body of do-nothings, the one Larry Kudlow is trying to have squashed when it comes to a final vote
2 people like this.

Reply 12 - Posted by: Strike3 7/26/2022 3:07:23 AM (No. 1228677)
GM did not repay the bailout they received from Brack-O-Bama. I don't care who buys electric cars but I do not want to help pay for that huge mistake.
2 people like this.

Reply 13 - Posted by: mifla 7/26/2022 3:29:16 AM (No. 1228690)
Reminds me of Obama's loans to the green energy companies. Loans that were never paid back.
1 person likes this.

Reply 14 - Posted by: lakerman1 7/26/2022 7:35:13 AM (No. 1228807)
LG is a Korean company with the technical capability to build the EV batteries. GM is simply putting its name plate on the project. And back about a month ago, Dementia Jo proudly announced that EV batteries would be made in the U.S. by a U.S. company! (Someone on Biden's staff should tell him that LG is a foreign company, but maybe that would only confuse him. It is recommended by medical specialists not to needlessly confuse dementia sufferers.)
1 person likes this.

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