Global leader supplier of Lithium-ion batteries for electric vehicles LG Energy Solutions will be pumping an investment of $4.5 billion into production of batteries in the United States. The South Korea based company will be making this investment in the next four years.
President of LG Energy Solution’s Michigan plant, Denise Gray said the company will at least build two new plants, this investment is set to generate an extra 70GWh to U.S. battery production capacity.
The company said this initiative is as a result of a rapid increasing demand of electric vehicles. “We are eager to expand our production capacity so that it can meet the needs of the numerous global automakers across the U.S. and Europe. We are looking at least two new factories in the United States,” said Gray.
Citing Gray, this new investment will create new job opportunities for 4,000 U.S residents. This will be around two times the number of its labor force in its joint venture unit with automaker General Motors (GM).
Additionally, Gray said they will be selecting locations for the new plants before the first half of the year is over and construction of these plants will further generate another 6,000 indirect jobs.