LG Energy Solution and General Motors to build $2.1 billion battery factory

LG Energy Solution (LGES) plans to spend $2.1 billion together with General Motors for building an electric vehicle (EV) battery plant in the US, parent firm LG Chem said last week.

LGES and GM are expected to finance the project equally through Ultium Cells, their U.S.-based battery joint venture.

It will be their third joint battery plant in the country.

LGES is yet to provide detail on the location or production capacity of the new plant.

LGES commands over 20% of the global electric vehicle battery market. It supplies Tesla Inc, Volkswagen, Hyundai and others.

It is already currently two plants with GM in Ohio and Tennessee to manufacture 70 GWh of batteries, which would be able to power about 1 million EVs by 2024.