LG Energy Solutions and General Motors (GM) of the United States are investing in the second electric vehicle (EV) battery plant in the United States.
According to the latest info, the UltiumSells, a joint venture between LG-GM batteries, decided to build a second factory in Spring Hill, Tennessee. It has been around 1 year and 4 months since the announcement of investment in the 1st plant in Rosetown, Ohio. 2 billion dollars (approximately 2.3 trillion won) was invested in the first plant. In the case of the second plant, it is expected to be worth $2.3 billion.
Operation of the second plant is expected around 2025. It is planned to be used in the new electric car ‘Lyric’ that GM unveiled last year. It uses the electric vehicle platform Ultium and is released under the Cadillac brand.
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Earlier in March, LG Energy Solutions announced that it would decide to invest in the second plant in the first half of the year. The background of the investment is that it is to lead the eco-friendly industry in the US market in line with the US Green New Deal.
When investment is made, LG Energy Solution’s own production capacity will increase to a total of 75-gigawatt hours (GWh) along with the existing Michigan plant (5GWh). In addition to pouch batteries for electric vehicles and energy storage devices (ESS), they are also entering the field of cylindrical batteries for electric vehicles, which are rapidly growing in recent years. It plans to secure a total production capacity of 140GWh by 2025.
The Korea Battery Industry Association is holding the ‘Korea Battery Investment Conference (KBIC)’ on the 23rd, where you can see the growth vision of the domestic battery industry in one place.
After the company announcement, a talk concert with battery experts in each field will be broadcast live. It provides an opportunity to answer questions about the market prospects and investment strategies of the battery industry, as well as the growth vision of promising battery companies.
