LG Energy Solutions announced on the 18th that it has signed a memorandum of understanding (MOU) with the world's fourth-largest automotive group Stelantis to establish a joint venture for electric vehicle batteries with an annual production capacity of 40GWh of electric vehicle battery cells and modules in North America.
The plant site is under final review for a leading candidate site in North America, and construction will begin in the second quarter of next year and aims to produce in the first quarter of 2024.
The batteries produced by the joint venture will be supplied to Stelantis'plants in the U.S., Canada and Mexico and will be installed in the next generation of electric vehicles under Stellantis' brand.
LG Energy Solution evaluated that this investment has strengthened the industry's largest five-sided production system (9 production plants) leading to 'Korea-North America-China-Poland-Indonesia'.
Reporter Lee Ji-sun stockmk2020@gmail.com
