WASHINGTON/SEOUL South Korea’s LG Energy Solution plans to invest more than $4.5 billion in its U.S. battery production business over the next four years,…
12 Mar 2021 / 01:31 H. REUTERSPIX
WASHINGTON/SEOUL: LG Energy Solution said on Thursday it plans to invest more than US$4.5 billion (RM18.5 billion) in its US battery production business through 2025 and add 4,000 jobs as it considers building at least two new US plants, a company executive told reporters.
The South Korean supplier, a unit of LG Chem, said the investment will result in an additional 70GWh of US battery production capacity. The company declined to say where in the United States it is considering a new battery manufacturing plant, but said it would select the new locations in the first half of the year.
South Korean battery maker SK Innovation Co Ltd said on Thursday it will not accept any proposal by rival LG Energy Solution to resolve a U.S. legal feud that would cripple SK's business in that country.