Battery factories LG Energy Solution, a South Korean battery manufacturer, has been increasing its investment in North America. This is simply because the demand for electric vehicle’s batteries is increasing. […]
LG Energy Solution, a South Korean battery manufacturer, has been increasing its investment in North America. This is simply because the demand for electric vehicle’s batteries is increasing. However, many countries have been experiencing high inflation rate since the beginning of 2020s. As a result, it affected the plan to build a new battery factory in the US. LG Energy Solution decided to stop establishing it.
In March 2023, the company made a big decision again. The South Korean company restarts building a new battery factory in the US thanks to Inflation Reduction Act (IRA). LG Energy Solution has its own factory in Michigan. Also, it operates or will establish three factories with General Motors, one factory in Ohio with Honda and one factory in Canada with Stellantis.
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