LG Energy Solution, GM to build $2.1 billion EV battery plant

South Korea’s LG Energy Solution (LGES) plans to spend $2.1 billion with General Motors to build a U.S. electric vehicle (EV) battery plant, parent firm LG Chem said on Tuesday.
LGES and GM are expected to fund the project equally via Ultium Cells, their U.S.-based battery joint venture, for what will be their third joint battery plant in the United States, LG Chem’s regulatory filings showed.
LGES declined to provide detail on the location or production capacity of the new plant.
In December, Reuters reported that GM had proposed building a $2.5 billion battery plant near Lansing, Michigan, with LGES.
LGES commands more than 20% of the global electric vehicle battery market and supplies Tesla Inc, Volkswagen AG and Hyundai Motor Co, among others.