Yonhap News Agency, January 25, South Korean battery manufacturer LG Energy Solutions said on Tuesday that it will jointly invest $2.1 billion with General Motors to build another electric vehicle battery factory in the United States.
A regulatory filing filed by LG Chemical, the parent company of LG Energy Solutions, shows that LG Energy Solutions and General Motors are expected to each contribute half of the funds through their joint venture in the United States, Ultium Cells, which will be the third joint venture battery plant between the two companies in the United States.
The documents show that the investment will be carried out in batches by 2026. Prior to the official announcement, LG Energy Solutions declined to provide details such as location and scale. The two companies are expected to announce details of their investments soon.
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