LG Chem invests in battery joint venture with GM
1. October 2020The South Korean company LG Chem has started investing in a joint venture with GM for the production of battery cells for vehicles. Around 35 million US dollars flowed from LG Chem into the Ultium Cells joint venture in April 2020. In December 2019, LG Chem and GM had already announced that they would invest a total of the equivalent of 2.24 billion US dollars in the new company. According to LG, their share, which they will pay over the four years to 2023, is the equivalent of 831 million US dollars.
With the start of production at Ultium Cells, LG Chem will secure two production sites in the United States. The capacity of the plant in Holland in the US state of Michigan will be 5 GWh per year. According to the company, the total output of Ultium Cells will be 30 GWh per year. The company also plans to establish or expand other locations in Asia and Europe. Another joint venture is planned with the Chinese car manufacturer Geely. This site is to be completed by the end of 2021 and will have a capacity of 10 GWh. The existing plant in Wroclaw, Poland, will be expanded and its annual production capacity increased to 60 GWh.
Based on these plans, LG Chem’s production capacity for batteries for electric vehicles will grow to 200 GWh by 2023. This would mean that 3.3 million electric vehicles with a range of 380 kilometers could be charged once. Do you need Korea certification for automotive components?
MPR International GmbH has already successfully accompanied many large automotive suppliers and vehicle manufacturers in their certification projects for Asian markets and has been supporting many companies for several years. No matter if you are in the early stages of your planning or if you have already passed a certification and now new projects or follow-up audits are pending. When choosing MPR International GmbH you can rely on the greatest competence in the automotive sector.
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