LG plans to invest $4.5 billion in the US battery production business in the next four years

LG Energy Solution, a battery manufacturing subsidiary of South Korea’s LG Chem, stated that the company plans to invest more than US$4.5 billion in the US battery production business in the next four years, including intends to build at least two new factories.

Denise Gray, president of LG’s Michigan branch, claimed that the company’s investment will bring an additional 70GWh of US battery production capacity to cope with the rapid growth of the electric vehicle market.

He said: ‘We are eager to extend production capacity to meet the requirements of many automakers in the United States and Europe. We are considering at least two new plants in the United States.’

Gray also stated that the planned investment will create 4,000 new jobs in the United States, more than twice its current a total number of employees. The company plans to select factory locations in the first half of this year, and the construction of these factories will also create about 6,000 indirect jobs.

The first battery manufacturing plant jointly built by LG and General Motors in Ohio is nearing completion, and the two sides are in in-depth negotiations to establish a second plant in Tennessee. LG announced on Friday that the second plant will have a similar capacity of about 35GWh.

(Via)