LG Energy Solution is investing $1.4 billion to build a battery factory in Arizona, US, to supply Tesla and other customers in North America. Construction will start in Q2 2022 with production starting in 2024.
LG Energy Solution, a supplier to electric vehicle makers Tesla and Lucid, said Thursday in South Korea that it plans to invest 1.7 trillion won ($1.4 billion) to build a battery plant in Arizona, US, by 2024, Reuters reported. The main goal of the factory is to meet demand from "prominent startups" and other North American customers, the battery maker said without naming specific companies.
This will be their first US plant to produce the cylindrical elements used in Tesla and Lucid vehicles, LGES said. According to the plan, construction will begin in Q2 2022 and mass production will begin in 2024 with a production capacity of 11 gigawatt-hours per year, the company said in a statement.
The Japanese corporation Panasonic, one of Tesla's suppliers, as well as Contemporary Amperex Technology Co Ltd also intend to invest billions of dollars in the construction of factories for the production of batteries for electric vehicles of a new type, 4680. This type of battery cell was developed by Tesla and presented in 2020.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.