LG New Energy plans to build four new plants in North America by 2025
CTOnews.com, October 1 (Xinhua)-- China, Japan and South Korea now control more than 90% of the world's car power battery market, so the United States has passed a subsidy bill for electric vehicles to attract major manufacturers to build factories.
South Korean car battery maker LG New Energy (LG Energy Solution) plans to operate six plants in North America by 2025 to compete with Ningde Times, the world's largest power battery maker, according to the Nikkei News.
In other words, LG New Energy will build four new joint venture plants in North America, which are planned to cost nearly $14 billion over the next three years, increasing LG New Energy's share of North American market capacity from the current 7 per cent to 45 per cent.
CTOnews.com learned that LG New Energy currently has two plants in the United States, one in Michigan independently operated by LG and the other in Ohio, a joint venture between LG and General Motors.
According to reports, LG New Energy plans to set up two new joint venture plants with General Motors in Tennessee and Michigan; a joint venture with Stellantis in Canada; and a new joint venture plant worth 4.4 billion US dollars with Honda Motor in the United States.
Over the next three years, LG will cost nearly $14 billion. LG New Energy expects North American capacity to rise from about 7 per cent today to 45 per cent by 2025. Chief Executive Quan Yingxiu called North America its "primary focus".
