All articles tagged with #lg energy solution
A plane carrying over 300 detained South Korean workers and 14 foreign employees departed from Georgia to South Korea following a U.S. immigration raid at a Hyundai-LG battery plant, which has caused a diplomatic standoff and delays in the plant's operations.
South Korea has pledged support after US ICE detained 475 mostly South Korean workers at a Hyundai-LG battery plant in Georgia during a raid targeting illegal employment, prompting diplomatic responses and business suspensions amid ongoing US-South Korea trade discussions.
General Motors (GM) is selling its stake in the Ultium Cells LLC electric vehicle battery factory in Delta Township, Michigan, to its partner LG Energy Solution. The factory, heavily subsidized by Michigan with nearly $200 million in public funds, was intended to make the state a hub for the EV industry. Despite delays and questions about the project's value, the factory is nearing completion and will be operated by LG Energy Solution. GM's decision comes amid broader challenges in the EV market and as it seeks additional tax incentives for other projects.
General Motors is selling its stake in the Ultium Cells battery plant in Lansing to LG Energy Solution, aiming to recoup $1 billion and improve capital efficiency in its electric vehicle operations. This move does not affect GM's ownership in other Ultium battery plants or its joint venture with Samsung SDI. The Lansing plant, expected to open in late 2024, will be used by LG to meet new customer demands. GM and LG are also extending their partnership to develop prismatic cell technology.
General Motors plans to sell its stake in a $2.6 billion electric vehicle battery cell plant in Michigan to its joint venture partner, LG Energy Solution, for approximately $1 billion. This move is part of a non-binding agreement expected to close in the first quarter of next year. The sale aims to optimize GM's EV production amid slower consumer demand and federal incentive uncertainties. GM will continue its partnership with LGES, extending it to develop prismatic battery cells, which are expected to reduce EV weight and costs.
Toyota has signed a $3 billion battery supply deal with LG Energy Solution, securing lithium-ion batteries for its electric vehicles (EVs) that will be assembled in the U.S. The agreement will support Toyota's expanding battery EV lineup, including a new model to be assembled in Kentucky starting in 2025. LG Energy Solution will supply Toyota with 20 gigawatts worth of batteries annually from 2025. This deal strengthens LG Energy Solution's position as a major battery supplier, with nine of the top 10 automakers as its clients. Toyota aims to offer 30 battery-electric vehicle models and produce up to 3.5 million BEVs annually by 2030.
Toyota has signed a long-term battery supply agreement with LG Energy Solution for its upcoming electric vehicle (EV) models assembled in the US. Starting in 2025, LG Energy Solution will supply Toyota with 20 GWh of battery modules annually. The battery modules will be high-nickel NCMA pouch-type cells. LG Energy Solution will invest around $3 billion to build exclusive EV battery production lines in Michigan. The battery modules will be sent to Toyota's manufacturing plant in Kentucky to be assembled into battery packs for the new EVs. This agreement is critical for Toyota's EV growth plans in the US, as it aims to catch up with other automakers in the EV market.
Hyundai Motor Group and LG Energy Solution have signed a memorandum of understanding to establish a joint venture to manufacture electric vehicle (EV) battery cells in the United States. The new joint venture will have an annual production capacity of 30 GWh, enabling the production of up to 300,000 EVs per year. Hyundai Mobis will assemble battery packs using cells from the plant and supply them to the Group’s U.S. manufacturing facilities for the production of Hyundai, Kia, and Genesis EV models. Additionally, Hyundai and Sony Pictures are collaborating once more for Spider-Man: Across the Spider-Verse, featuring a flying variant of Hyundai’s Prophecy concept EV model and the company’s vision for future mobility.
Hyundai and LG Energy Solution will invest $4.3 billion to build an electric vehicle battery plant in Georgia, with construction beginning in the second half of 2023 and official battery production starting at the end of 2025. The plant will have an annual production capacity of 30 gigawatt-hours, enough for 300,000 EVs, and could later expand to build 500,000 vehicles annually. The investment will be split between Hyundai and LGES, and the plant will create 3,000 jobs. The move is part of a U.S. push to bring battery production to the states and secure a leadership position in the global auto industry.
Hyundai Motor Group and LG Energy Solution will jointly build a $4.3 billion EV battery plant in Georgia, with an annual production capacity of 30 GWh, supporting the production of 300,000 EVs annually. The investment is expected to create 3,000 jobs. The move is aimed at meeting the domestic manufacturing requirements of the Biden administration’s Inflation Reduction Act, which offers a $7,500 tax credit for EVs. Construction of the plant will start in the second half of 2023, with battery production expected to start at the end of 2025 at the earliest.
LG Energy Solution will invest $5.5 billion to build a battery factory in Arizona to meet the growing demand for electric cars and trucks. The factory will start producing batteries for electric vehicles in 2025 and for energy storage systems the following year. The decision was driven in part by the Inflation Reduction Act, which offers federal incentives for the sale and production of electric vehicles and batteries in the United States. Building batteries within the United States could help lower electric vehicle prices by cutting transportation costs while reducing dependence on China, which dominates the battery supply chain.