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LG Chem Mulls 2nd U.S. Battery Plant
South Korea’s LG Chem Ltd. is considering building a second battery manufacturing plant in the U.S. to meet growing demand for electrified vehicles.
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South Korea’s LG Chem Ltd. is considering building a second battery manufacturing plant in the U.S. to meet growing demand for electrified vehicles.
The new factory would cost an estimated $1.7 billion and could start production by 2022, sources tell Reuters. They say a decision on the facility is expected by the end of this month, with sites in Kentucky and Tennessee as the leading contenders.
Earlier this week LG Chem CEO Shin Hak said the company was “pursuing” additional capacity, but he didn’t provide any details on its location or planned start date. The company declined to comment on the Reuters report.
LG Chem launched production at its battery plant in Holland, Mich., in 2013. The facility currently supplies battery cells for General Motors Co.’s Chevrolet Bolt EV.
LG Chem also has production bases in China, Poland and South Korea. In addition to GM, LG supplies batteries to Fiat Chrysler Automobiles, Hyundai, Volkswagen Group and Volvo.
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