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NEWS

LG plans to invest US $1.5 billion to establish a new power battery enterprise

Release time:2022-05-20 Click amount: 321

On March 23, South Korean battery giant LG new energy officially announced that it would invest US $1.5 billion to establish a power battery joint venture with Stellantis (a world-famous car enterprise) in Canada. LG will own 51% of the company and Stellantis will own 49%. The joint venture is temporarily named "LGES-Stla joint venture".

In addition, according to the latest business plan submitted by LG new energy, LG new energy will also invest US $1.7 billion to expand its factory in Michigan, increasing its annual production capacity by five times.

LG new energy is also considering building a factory in Arizona, which is expected to mainly produce cylindrical batteries, two people familiar with the matter said.

According to the calculation of the media in the industry, after the completion and commencement of the joint venture between LG new energy and Stellantis, plus the production capacity of the two joint ventures between LG new energy and GM, as well as the production capacity of LG new energy's own wholly-owned enterprises in the United States, the annual battery production capacity of LG new energy in North America is expected to reach nearly 200GWH.

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