Home Business LG Energy Solution invests 1 trillion won each to build 2nd battery plant with GM in the US

LG Energy Solution invests 1 trillion won each to build 2nd battery plant with GM in the US

by news dir

Input 2021.04.16 20:06


‘Ultium Cells’, an electric vehicle battery joint venture established by LG Energy Solutions and GM in Ohio, USA. / LG Energy Solution

LG Energy Solutions invests about 1 trillion won to build an additional battery plant in a joint venture with General Motors (GM), the number one automobile company in the United States.

The board of directors of LG Energy Solutions announced on the 16th that it has decided to invest 1,642 billion won ($933.5 million) of Korean money to establish the second joint venture plant for electric vehicle batteries of Ultium Cells, a joint venture that holds half a stake with GM. .

LG Energy Solutions plans to invest in Ultium Cells from this year to 2023.

GM also invests in Ultium Sells on the same scale, and Ultium Sells borrows about 600 billion won separately. Accordingly, the total investment for establishing the second battery joint venture is expected to reach about 2.7 trillion won.

The second battery plant in Tennessee, USA, is known to be similar to the first battery plant currently being built in Ohio by GM and LG Energy Solutions. When both factories 1 and 2 are completed, LG will have a total electric vehicle battery production capacity of 140 GWh or more in addition to its own production capacity of 75GWh in the US by 2025.

GM set a goal to stop selling internal combustion locomotives by 2035, and plans to invest $27 billion in the development of electric and self-driving cars over the next five years. LG Energy Solutions announced last month that it will make a large-scale investment of over 5 trillion won in the United States by 2025.

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