South Korean goliath LG Energy Solution Ltd. (LGES) announced its plans to invest $1.5 billion to establish a joint venture with global automobile giant Stellantis in Canada.
IN the regulatory filing, LGES said that LGES would own 51% of the joint venture, tentatively named “LGES-STLA JV,” and Stellantis owns 49%.
In October 2021, Stellantis NV and LGES negotiated an electric vehicle (EV) battery production joint venture, targeting to begin production by the first quarter of 2024 and to have an annual production capacity of 40 gigawatt-hours of battery.
In another regulatory filing, LGES announced it plans to acquire a stake of $542 million in ES America tin a response to demands from EV startups in the USA.
LGES is considering constructing a factory in the U. S. state of Arizona to meet demand in the United States. People familiar with the matter reported, adding that the plant is expected to produce cylindrical battery cells primarily. LGES has its EV battery factory in Michigan and two battery joint ventures with General Motors Co in Tennesseeand Ohio.
LGES, which regards Tesla Inc, Volkswagen AG, andGM among its customers, currently has battery production facilities in China, Indonesia, Poland,the United States, and South Korea.
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