General Motors (GM  ) and LG Electronics (KRX: 066570) have announced that a new $2.3 billion plant will be opened in Lordstown, Ohio. The plant, which will manufacture batteries for electric cars, is set to be constructed near the derelict Lordstown assembly plant.

The plant is the second joint venture for GM and LG, who previously opened a battery plant in Michigan. Groundbreaking is expected in 2020, but many details of the plant, such as the opening date and whether the pay of factory workers, and whether or not the factory will employ union workers are currently unknown. The plant is expected, however, to provide at least 1,100 jobs for Lordstown, which lost nearly 4,500 jobs with the scaling down of the previous manufacturing plant and eventual closure.

Governor Mike DeWine spoke enthusiastically of the plant, "It is great news for Ohio that GM and LG Chem are going to build a new electric battery facility here.... Ohio is a major supplier state for the automotive industry, and the announcement that Ohio will be the location to manufacture next-generation electric batteries will mean more than 1,100 new jobs for Ohioans."

The partnership with LG Chem is only one of the subsidiary's many stakes in the growing field of electric automobiles. LG Chem currently has contracts supplying companies such as Audi (AUDVF  ) and Daimler AG (DMLRY  ), it's partnership with GM may help the automaker become more competitive as it seeks to seize a greater stake in the rapidly growing electric vehicle market.

In anticipation of expanding its electric vehicle selection with LG's assistance, GM plans on revamping the Cadillac brand to become its platform for next-gen electric vehicles. GM certainly looks poised to become competitive with the likes of Tesla (TSLA  ) and European automakers such as Jaguar, Audi, and Mercedes-Benz, all of whom have released their own luxury electric vehicles.