U.S. finalizes $2.5 billion loan to GM,
LG battery joint venture
Reuters,
by
Staff
Original Article
Posted By: mc squared,
12/14/2022 12:39:09 PM
The U.S. Energy Department said on Monday it had finalized a $2.5 billion low-cost loan to a joint venture of General Motors Co and LG Energy Solution to help pay for three new lithium-ion battery cell manufacturing facilities.
Reuters first reported in July the planned loan to Ultium Cells LLC from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program.
The loan will help finance construction of new lithium-ion manufacturing facilities in Ohio, Tennessee and Michigan, supporting 6,000 construction jobs and 5,100 operations jobs at the three plants.
U.S. Energy Secretary Jennifer Granholm plans to tout the closing of the Ultium loan on a visit to Michigan on Monday with Labor Department Deputy
Reply 1 - Posted by:
Miceal 12/14/2022 12:49:00 PM (No. 1356487)
I don't remember voting for this? Hell, is this even Constitutional?
14 people like this.
Reply 2 - Posted by:
Scribelus 12/14/2022 12:59:17 PM (No. 1356493)
And not one cent for the new nuclear power plants necessary to produce the coming electricity demand.
9 people like this.
Reply 3 - Posted by:
Nimby 12/14/2022 1:20:44 PM (No. 1356505)
OPM to bail out GM. Rotten Scoundrels!!
8 people like this.
Reply 4 - Posted by:
Tennman 12/14/2022 1:20:45 PM (No. 1356506)
What's that giant flushing noise I'm hearing?
5 people like this.
Reply 5 - Posted by:
stablemoney 12/14/2022 1:23:42 PM (No. 1356509)
Aren't lithium battery plants bad for the environment?
9 people like this.
Reply 6 - Posted by:
earlybird 12/14/2022 1:26:58 PM (No. 1356513)
Agree with #1. How do Granholm and the rest of Zhou’s administration craies just take off and run with this stuff? Do they all have Obie’s infamous “with a phone and a pen” syndrome?
4 people like this.
Reply 7 - Posted by:
earlybird 12/14/2022 1:28:10 PM (No. 1356515)
Correction: administration crazies
0 people like this.
Reply 8 - Posted by:
voxpopuli 12/14/2022 1:29:08 PM (No. 1356517)
should help pay for their 3 BILLION of ADS per year...
4 people like this.
Reply 9 - Posted by:
Jesse Jenkem 12/14/2022 1:43:35 PM (No. 1356529)
I'm sure the loan will be forgiven if GM supports Liberal causes and donates to Democrat campaigns.
6 people like this.
Reply 10 - Posted by:
ASAvet 12/14/2022 2:05:36 PM (No. 1356536)
Idiots. Pouring money down a rat hole.
4 people like this.
Reply 11 - Posted by:
sunshinehorses 12/14/2022 2:19:03 PM (No. 1356542)
I don't remember what year it was but the US lent money to Ford, GM and I think Crysler. Ford paid the loan back, I don't think GM ever did - don't remember about Crysler. Why lend money to a company that has a history of not paying back loans??? Also who is going to buy these electric vehicles/?? Not me.
8 people like this.
Reply 12 - Posted by:
LC Chihuahua 12/14/2022 2:38:16 PM (No. 1356560)
Just looking out for their 'investment'. It is clear some people with the 'right connections' make millions off the government. The rest of us, not so much.
6 people like this.
Reply 13 - Posted by:
curious1 12/14/2022 2:49:42 PM (No. 1356571)
That's your money the scum in DC just threw down a rathole.
1 person likes this.
Reply 14 - Posted by:
Heil Liberals 12/14/2022 2:50:49 PM (No. 1356572)
I guess the billions that GM stole in 2009 just wasn't enough.
FJB. FGM. FLG. Let them use their own money.
6 people like this.
Reply 15 - Posted by:
rockeysroomie 12/14/2022 3:01:53 PM (No. 1356578)
We are definitely in the Dark Ages in America.
4 people like this.
Reply 16 - Posted by:
Birddog 12/14/2022 3:11:58 PM (No. 1356585)
This is a multi level boondoggle for "Govt Partners", none are near a seaport where the imported Lithium ore will arrive, instead partner railroads will deliver it(and receive road bed subsidies) partner unions will do the work, partner education institutions will receive the job training funds, partner mega corps will run the shows....donations will flood the election campaigns for Dems...faaaaar exceeding the mere $2.5Billion. Mimicking the russian/ukrainian, former soviet block(and chinese) Oligarch systems.
2 people like this.
Reply 17 - Posted by:
downnout 12/14/2022 3:16:55 PM (No. 1356590)
Where are they getting the lithium - child labor in third world countries?
4 people like this.
Reply 18 - Posted by:
chance_232 12/14/2022 3:21:49 PM (No. 1356592)
Well...... there is a silver lining. Two of the three plants will be built in red states and they are considering a 4th plant in another red state. And maybe Michigan can get their economy back on track.
0 people like this.
Reply 19 - Posted by:
lakerman1 12/14/2022 3:33:01 PM (No. 1356597)
GM's name attached to this isfor appearances only.
LG, a Korean company, will do the heavy lifting.
But a loan to LG alone would look bad, even by Dementia Jo's stadards.
4 people like this.
Reply 20 - Posted by:
skacmar 12/14/2022 3:49:27 PM (No. 1356607)
LG is already has a large battery plant in Michigan and has been adding a huge addition to the plant to add capacity for the increased demand for batteries. Will LG now be getting government money for something that they were already doing?
2 people like this.
Reply 21 - Posted by:
rikkitikki 12/14/2022 4:06:06 PM (No. 1356614)
Yet to be announced...Biden's $5.2 billion loan to Exxon to drill more oil wells.
1 person likes this.
Reply 22 - Posted by:
Heraclitus 12/14/2022 6:11:06 PM (No. 1356694)
Solyndra comes to mind.
And as #1 says, anything this costly, unproven, vague must be discussed in the open. We need to know whose pockets will be the first to get filled.
Government, i.e., central government "command-and-control" fascistic plans do not work. One of the reasons our economy has generally been so strong is that it is free market based, the old "invisible hand" at work, responding to the needs and desires and imperatives of the public.
2 people like this.
Reply 23 - Posted by:
The Remnants 12/14/2022 7:30:37 PM (No. 1356747)
Do we really have $2.5 billion to loan to anyone?
1 person likes this.
Reply 24 - Posted by:
DVC 12/15/2022 12:22:19 AM (No. 1356859)
How is this mess ike Soyndra.. and like a black hole...billions go in and NOTHING comes out.
0 people like this.
Reply 25 - Posted by:
mifla 12/15/2022 4:42:21 AM (No. 1356921)
Anyone else having Solyndra flashbacks?
0 people like this.
Reply 26 - Posted by:
franq 12/15/2022 8:07:17 AM (No. 1357032)
More government overreach. Spend all ya want, we'll print more.
$2.5 billion? That's 20 bucks to you and me, Rusty.
0 people like this.
Below, you will find ...
Most Recent Articles posted by "mc squared"
and
Most Active Articles (last 48 hours)
Comments:
I haven't seen this elsewhere. No wonder we need 87,000 new IRS auditors. ( I think Obama gave billions to GM also)