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lg chem considering building 2nd u.s. ev battery plant-sources

by:HGB     2019-12-01
SEOUL/DETROIT —
Electric vehicles in Korea (EV)
LG Chem, battery maker, is considering building a second US plantS.
Three people familiar with the matter said the plant accelerated the race to increase production capacity to meet the growing global demand for green cars.
LG Chem is one of the world\'s leading manufacturers of electric vehicle batteries, including GM and Volkswagen, and is currently investing about 2 trillion won ($1. 70 billion)
One of the people familiar with the matter said the plant could start production in 2022.
Kentucky and Tennessee are among the candidates for the plant\'s site selection, the person said.
Another person said it is expected to make a decision on the site of the plant by the end of this month.
To meet global regulatory requirements, automakers are pushing billions of dollars in investment in electric vehicles.
As South Korean companies increase their investment in the United States, LG Chem will build a new factory. S.
Investment, praised by the US governmentS.
President Donald Trump
A person familiar with the matter said that the new LG Chem plant will mainly supply Volvo, Fiat Chrysler and possibly Hyundai, GM and Volkswagen.
LG Chem, LG Group\'s most valuable company, said in a statement to Reuters that it is reviewing various ways to meet global customer orders, but there is no specific plan yet.
The source declined to be named as the plan was confidential. A second U. S.
Plant competition between LG Chemical and SK\'s rivals in the same city is increasingly innovating at $1 billion recently. S.
It mainly supplies electric vehicle battery factory of Volkswagen.
Earlier this year, LG Chem sued SK Innovation in the United States, accusing it of hiring former employees to steal business secrets.
Shin Hak Cheol, LG\'s new CEO, told reporters this week that \"we are currently looking for another production base,\" but did not elaborate on the country.
Sales of electric vehicles are expected to reach one.
According to market research firm IHS Markit, there were 28 million cars in the United States by 2026 alone, compared with less than 200,000 in 2018.
Trump and Moon Trump praised the United StatesS.
South Korea\'s investment in SK, Lotte Group and other Korean enterprise groups has given hope that Korean companies will continue to expand in the United States.
\"Thank you very much.
Congrats.
It\'s a great job, \"he said during a meeting with South Korean business leaders in Seoul in June 30.
Participants included Quan Ying soo, vice chairman of the group holding company LG.
LG Chem, battery supplier at GM Bolt, currently operates an electric vehicle battery plant in Michigan.
LG Chem also has production bases in South Korea, China and Poland.
It drew attention at the first American groundbreaking ceremony. S.
Former President Barack Obama traveled to Michigan to attend the event on 2010.
South Korean President Moon Jae-in\'s government is also fighting for LG chemistry.
Building a new domestic factory to create jobs is one of Moon\'s top priorities.
CEO Shin said LG Chem is in talks to build a cathode material production facility for electric vehicle batteries in the southeastern South Korean city of Gumi, but details have not yet been finalized. ($1 = 1,176. 6200 won)(
Jin Xianzhu, Yang and ong reported in Seoul, and Joseph White reported in Detroit;
Supplementary Report of Jumin Park;
Editor Muralikumar Anantharaman)
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