Walmart to Cut PhonePe Stake in IPO as Tiger Global and Microsoft Exit 
JPMorgan and Allen & Company Emerge as Big Winners in Warner Bros Discovery Bidding War 
Morgan Stanley Flags High Volatility Ahead for Tesla Stock on Robotaxi and AI Updates 
Rio Tinto Posts Strong Q4 Iron Ore and Copper Output on Operational Recovery 
Lynas Rare Earths Shares Surge as Quarterly Revenue Jumps on Strong Prices 
FSU Criticizes ANZ Over Suncorp Bank Job Cuts Amid Post-Acquisition Commitments 
Elon Musk Says Tesla Cybercab and Optimus Production Will Start Slowly Before Rapid Growth 
Global DRAM Chip Shortage Puts Automakers Under New Cost and Supply Pressure 
Valentino Garavani Dies at 93, Leaving Behind the Timeless Legacy of Valentino Red 
Apple China Holiday Sale Offers Discounts Up to 1,000 Yuan on Popular Devices 
Baidu Shares Surge After Official Launch of Advanced Ernie 5.0 AI Model 
BHP Posts Record Iron Ore Output as China Pricing Pressures Loom 
BitGo IPO Prices Above Range, Raises $212.8M in Landmark Crypto Market Debut 
Pop Mart Shares Surge in Hong Kong After First Buyback in Nearly Two Years 
U.S. Vaccine Policy Shifts Under RFK Jr. Create Uncertainty for Pharma and Investors 
OpenAI Launches Stargate Community Plan to Offset Energy Costs and Support Local Power Infrastructure 
LG Energy Solution is expanding in the U.S., and for its future innovation plans, including battery production, it is investing over $4.5 billion. The South Korean company that is the only chemical-based battery-maker in the world hopes to widen its battery production capacity by 70GWh with the new funding.
LG’s expansion plans
LG Energy Solution revealed on Thursday, March 11, that it is planning to shell out billions for its battery production venture in the United States. The company is distributing the funds through 2025, and hopefully, by that time, LG would have already built at least two additional plants to increase the battery output.
As per Reuters, with the new factories, the company is also expecting to create more than 4,000 jobs which mean additional employment opportunities for the locals. Then again, the unit of LG Chem declined to reveal where the upcoming battery plants are to be built.
The only thing that was disclosed is that it is already considering some sites and would be making its decision before the second half of this year. At any rate, Denise Gray, president of LGES’ Michigan branch president, went on to say that in the construction phase, about 6,000 jobs would be available since the two plants would be massive.
The investment is also LG’s response to the growing market in the electric vehicle business. Since automakers in Europe and the U.S. will need batteries for their productions, the company will supply it to them.
“The goals of the U.S. president and automakers will be a propelling factor in the growth of the country’s electric vehicle and energy storage systems markets,” LGES CEO Jong Hyun Kim said via press release. “LG Energy Solution is dedicated to expanding its battery production capacity and structuring a stable, localized supply chain that provides everything from R&D to production.”
LG’s partnership with General Motors
Meanwhile, LG Energy Solutions is not only working on the construction of its new plants for its production expansion. It is also venturing into partnerships for other products.
Currently, it is in talks with General Motors to build a manufacturing factory for the cell-battery business. They have put in more than $2 billion in the project, and it was reported that the first LG-GM JV plant in Ohio is almost complete. The companies are planning to construct another plant, and this is being discussed.
