Gm and LG New Energy plan to build a fourth battery plant in a joint venture

2022-04-30 0 By

General Motors and LG New Energy plan to build a fourth battery plant in a joint venture to cope with the rapidly growing battery demand in the North American market, according to overseas media reports.Gm chief Executive Mary Borra said the company plans to finalize the site for plant 4 in the first half of this year and will work with LG New Energy to announce specific plans soon.A source at LG New Energy said that details have not been finalized yet, but the two companies are discussing ways to strengthen cooperation, including building a fourth plant, in view of the rapid growth of the global electric vehicle market and increasing demand for GM’s electric vehicles.News of LG’s $2.1 billion plan to build a third new battery plant with General Motors in Ohio and Tennessee has just been reported, and it seems that the two sides are in good talks.According to public information, LG New Energy is an energy company officially established by LG Group in 2020. Thanks to the huge resources of LG Group, LG New Energy has rapidly grown into the world’s second largest power battery supplier.Its customers include mainstream automakers such as Tesla, GENERAL Motors and Volkswagen.Notably, LG Energy Solutions, which accounts for more than 20% of the global ev battery market and has production bases in the US, China, South Korea, Poland and Indonesia, is working to expand its business in North America with plans to invest more than 5 trillion won ($4.17 billion) by 2024.According to the data, from January to November 2021, LG Energy installed 51.5GWh of power batteries globally, ranking second in the world, with a 90 percent year-on-year increase and 20.5 percent market share, while Ningdek Times ranked first with 31.8 percent.(Pictures from the network, if there is any infringement, please inform to delete)