A portion of the $1.36 billion that LG Energy Solution's Michigan office has secured for investment to increase its capacity for producing electric-vehicle batteries in North America will help to expand its plant in Holland, Michigan, the company confirmed this week.
How much investment the plant will see and how much more capacity will be added to its current 5 gigawatt-hour annual limit haven't been disclosed by the battery unit of South Korea-based LG Corp. The Detroit News previously reported LG owns a vacant 40-acre parcel adjacent to its current battery cell plant in Holland. Any expansion there provides a sign that the home state of the Motor City could remain at the forefront of the automotive industry's move toward electric cars, especially after homebred Ford Motor Co. opted for sites in the South for new battery plants and an EV assembly plant.
LG disclosed its investment plan last week in a regulatory filing in Korea. It will make the investment in installments through 2024. The funding plan is a part of LG's commitment to invest $4.5 billion to expand its solely owned annual capacity in the United States to 70 gigawatt-hours and create 10,000 jobs by 2025. It also is working with General Motors Co. and Stellantis NV, the maker of Jeep and Ram vehicles, on EV battery plants.
At LG's Holland plant, the company recently resumed production of batteries for the Chevrolet Bolt electric vehicles after a manufacturing defect led to a recall of every Bolt produced. The plant also produces batteries on a separate line for the Chrysler Pacifica Hybrid minivan.©2021 www.detroitnews.com. Visit at detroitnews.com. Distributed by Tribune Content Agency, LLC.