LG to Invest $4.5 Billion to Expand Battery Capacity in US
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LG Chem Ltd. plans to invest $4.5 billion in the U.S. by 2025 and hire 10,000 workers to expand battery capacity.
LG Energy Solution developed the plan over the last year to meet growing demand for electric vehicles in the U.S., the company said by email March 11. It’s also eyeing President Joe Biden’s climate agenda, which aims to increase consumer incentives for electric vehicles and electrify the U.S. government’s fleet.
“The goals of the U.S. president and automakers will be a propelling factor in the growth of the country’s electric vehicle and energy storage systems markets,” Jong Hyun Kim, chief executive officer of LG Energy Solution, said in the statement.
The investment comes after LG and General Motors Co. confirmed last week that they are looking at sites to build a plant that would be similar in size to the $2.3 billion facility under construction in Lordstown, Ohio, and have talked to public officials in Tennessee. GM plans to make a decision in the first half of this year.
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