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Ultium Cells to construct second EV battery plant in Tennessee | Automotive Trade Information
Ultium Cells, a US-based three way partnership between South Korea’s LG Vitality Resolution and Common Motors (GM), plans to construct a second electrical car (EV) battery in Tennessee to fulfill anticipated sturdy demand progress in North America.
In keeping with reviews in South Korea, Ultium Cells plans to spend US$2.3bn on the brand new plant which might be related in scope to the EV battery manufacturing facility it’s at the moment constructing in Ohio. That is scheduled to be accomplished subsequent yr and can primarily provide batteries for GM EVs.
The 2 corporations have been scheduled to make an official announcement on the brand new funding plan on Friday, in line with the report citing firm sources.
LG Vitality Resolution, one of many world’s largest EV battery producers, was spun off from South Korean chemical compounds big LG Chem on the finish of final yr.
Final month it mentioned it deliberate to spend KRW5trn (US$4.4bn) to develop battery manufacturing capability within the US by 2025, together with tasks to construct not less than two new crops. The corporate already operates its personal lithium-ion battery manufacturing facility in Michigan.
Earlier this month LG Vitality Resolution settled a long-standing know-how infringement dispute with rival South Korean EV battery producer SK Innovation when it was awarded US$2bn in compensation.