LG invests in the U.S. battery business following EV drive prompts

LG, a Korean-based firm, formed a business coalition with General Motors (GM), invests in the US battery business to create over 10,000 job opportunities. Currently, GM and LG are setting up a battery factory in Lordstown, Ohio, worth $2.3 billion. After the factory hits its completion stage, about 1,000 workers would land employment here.

The factory is situated next to the other two GM factories in Detroit and Orion Township, Michigan. The two firms are still making you their minds concerning their subsequent locality on the better half of the year. LG made its investment plans after President Joe Biden’s government laid down its strategies to handle climate changes. One of the list’s included strategies is to have a closer look at the oil and gas industry.

Jong Hyun Kim, Chief Executive Officer of LG Energy Solution, said that the US President and vehicle manufacturers’ main aim is to steer the state’s development in the sector of electric vehicles and energy storage market systems. He added that LG Energy Solutions are ready to expand their battery manufacture capacity and organize a well-balanced supply chain as it is sources R&D to production.

General Motors changed its business logo and inaugurated an electric vehicle marketing campaign to restructure its outlook as a clean automaker firm. The Detroit-located automaker would be launching 30 new battery-powered across the globe before 2025 hits the calendar. The car manufacturer stated that the new campaign would point out its progressive vision for the future.

GM appears to need additional battery capacity to convert all its new passenger cars from internal combustion engines to electricity before 2035. LMC Automotive, a consulting company, made a prediction stating that US battery-powered automotive sales would make it to one million marks in two years and manage to reach four million by the end of this decade.

According to researchers’ reports, there is a deficit of batteries in automaker industries after the industry shifted away from petrol and diesel-driven vehicles. Japan and China are the world’s major battery manufacturers.

Recently, LG announced that they start making cells in Tesla’s new 4680 battery format. LG also manufactures batteries for Chevy’s electric Bolt vehicle. In December 2020, SQM, the second-largest lithium producer, entered into a long-term agreement with LG Energy Solution to help supply the ultralight battery metal to be used in electric vehicles.