SEOUL/WASHINGTON (Reuters) - General Motors (GM.N) and South Korea’s LG Chem (051910.KS) are set to announce on Thursday a 50:50 joint venture in Ohio to make electric vehicle batteries, sources familiar with the matter told Reuters.The facility, expected to be located in the Lordstown area, will see investment of more than $2 billion with GM and LG Chem expected to invest more than $1 billion each, one of the sources said. The venture is likely to be signed on Thursday, the sources said.
A GM spokeswoman declined to comment on a venture with LG.
"Talks occur on a regular basis in the auto industry between a variety of partners on different topics, but as a matter of policy we don’t discuss who, where or when those discussions might occur," she said.