To Invest US$2.3 Bil.
LG Energy Solutions will announce its plan to set up its second joint venture electric vehicle (EV) battery plant with GM on April 16 (local time).
Earlier in March, LG Energy Solution announced that it was promoting a second battery plant with GM. The US$2.3 billion battery plant will be built in Tennessee. Its size will be similar to that of Ultium Cells, the first LG-GM joint venture battery plant being built in Ohio. The 35 GWh plant is scheduled to begin operations in 2022.
LG Energy Solution aims to secure a battery production capacity of 70 GWh in the United States alone by investing more than 5 trillion won by 2025 apart from the joint venture with GM. In particular, the company will make not only pouch batteries for EVs and energy storage devices (ESS) but cylindrical batteries whose market has been rapidly growing recently. The company plans to select at least two candidate sites in the United States by the first half of 2021.
When LG Energy Solution's two joint venture plants are completed, the company will have a total EV battery production capacity of more than 140 GWh in the United States by 2025, including the 75GWh plant to be operated independently. LG Energy Solution is currently supplying batteries to GM, Ford and Chrysler.