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Ultium Cells powers GM profitability, CEO says

WARREN — General Motors CEO Mary Barra cited Ultium Cells, the automaker’s joint venture electric-vehicle battery-cell plant in Lordstown, as part of the reason why GM is seeing improved profitability in its EV business.

Barra, in a letter to shareholders GM released with its first quarter earnings report Tuesday, said the company continues to see “sequential and year-over-year improvements in profitability as we benefit from scale, material cost and mix improvements.”

She used Ultium Cells in Lordstown as an example, writing “the cost of battery cells came down significantly” as the plant “ramped up production.” Lower material prices also helped.

“The second Ultium Cells plant, which opened this year in Tennessee, is ramping even faster by applying lessons learned in Ohio,” Barra’s letter states.

Ultium Cells is a joint venture between GM and South Korea’s LG Energy Solution to mass produce battery cells to provide capacity to support the Detroit automaker’s EV assembly in North America.

The facility in Lordstown launched production toward the end of 2022. At last count, the plant employed approximately 2,000 people.

Barra also said the company is seeing “good early sales momentum” in its EV sector for vehicles like the Cadillac LYRIQ, an electric SUV.

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