In order to set up at least two new EV battery cell factories, LG Energy Solution has announced an investment plans for the U.S. By 2025, the company has agenda to invest more than $4.5 billion in additional EV battery manufacturing capacity.
The company hints also that about 4,000 new direct jobs will be created. Plus an additional 6,000 indirect jobs, required during construction.
Under consideration are at least two new U.S. plants. There are no details about potential customers or localization at the moment (the decision will be made in the first half of the year). LG Energy Solution currently has in the U.S. one plant in Michigan and one joint venture with General Motors – Ultium Cells (under construction) in Ohio.
LG Energy Solution and GM are in talks to build a second battery joint venture. It could be another $2 billion or so plant. This is the first possible investment and an official announcement is expected as early as this month.
May, the second big investment for LG Energy Solution might be related to Tesla, as the South Korean manufacturer is working on its pilot 4680 battery cell production line for a reason.
Other investments might be related to the U.S. International Trade Commission (ITC)’s 10-year ban for SK Innovation. There are at least two EV manufacturers (Ford and Volkswagen) that might be willing to buy LG Energy Solution batteries if the situation with SK Innovation is not cleared.