LG Investing $1.36B in Michigan EV Battery Plant
Dec. 1, 2021—LG Energy Solutions earlier this week confirmed that part of a $1.36 billion investment will be used to increase the capacity at its EV battery plant in Holland, Mich.
The company owns a vacant 40-acre plot of land next to its battery factory, though a report from The Detroit News says the size of the investment in the plant has not yet been disclosed. According to a regulatory filing in Korea, the company will make investments "in installments through 2024."
The expansion is part of a larger $4.5 billion investment the company has planned through 2025 to expand its EV plant capacity in the U.S. to 70 gigawatt-hours and create around 10,000 new jobs. The company recently announced it is also working with General Motors and Stellantis on developing new EV battery plants.