Plant Construction to Start in 2nd Half of 2022
LG Energy Solution announced on June 2 that the electric vehicle battery joint venture between LG Energy Solution and Stellantis has been named "NextStar Energy."
The name is a combination of "NextStar," which means a company that leads the future, and "Energy" from LG Energy Solution. The joint venture will be headed up by Lee Hoon-seong, a managing director of LG Energy Solution.
The two companies will invest a total of 4.8 trillion won in the joint venture. Ground will be broken for a NextStar Energy battery plant in the second half of this year. The plant’s mass production will begin in the first half of 2024. Its batteries will go into next-generation electric vehicles to be released by Stelantis brands such as Chrysler and Jeep.
Meanwhile, in March, LG Energy Solution laid out a plan to establish a 45GWh joint battery plant in Windsor, Ontario of Canada with Stellantis.