General Motors Co. and South Korea’s LG Chem plan to build a large battery factory in Ohio, the latest example of an auto maker plowing money into the development of electric cars.

The new plant would be among the world’s biggest producing battery cells for electric cars, rivaling Tesla Inc.’s Gigafactory in the Nevada desert. GM and the LG Corp. subsidiary said Thursday they would invest a combined $2.3 billion in their joint venture.

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