Earlier, the South Korean tech giant LG Energy Solutions allegedly shelved the plan with General Motors to construct a fourth Electric Vehicle battery plant. Previously, the company demonstrated that LG is still on track to haggle over.
However, today LG Energy Solution refused previous reports on the rumored decision to pull out from the joint plan with General Motors to construct a fourth battery manufacturing plant for electric vehicles in the US.
According to reports, the earlier alleged reports aren’t meant to be pleased; the two companies aren’t parting ways; instead, they are still on track to identify the unerring point to break the hurdle, and no particular space has been created at this point to them.
Ultrium Cells, a joint venture founded by LG Energy Solution and GM in 2019 for producing battery cell production in the US, cited it was involved in building an estimated $2.4 billion EV battery plant in Indiana. Ultrium Cells, which started preparing its first plant in Ohio last year, is making the second and third manufacturing factories in Tennessee and Michigan.
The whole set of investments for the three factories is likely to stand at nearly $6.5 billion. Regarding production capacity, the three plants can produce 120 gigawatt-hours per year upon inauguration.
GM released a statement saying that it has a lucid idea to make the deal to build a fourth US battery cell plant without leaving room for speculation. LG Energy Solution and GM have perpetually served the discussions. But LG Energy Solution’s hand is now stretched on the stream and said to gain a more advantageous position, juxtaposed to negotiations for the first, second, and thirds plants.