LG Energy Solution-GM Cancel US Battery Plant 4 Project... LG Energy Solution Says "No Decision Made"

[Asia Economy Reporter Song Seung-yoon] Foreign media reported that the plan to build the fourth battery joint factory in the United States by General Motors (GM), the largest American automobile company, and LG Energy Solution has been canceled.

The Wall Street Journal (WSJ) reported on the 20th (local time), citing sources, that negotiations between GM and LG Energy Solution executives regarding the construction of the fourth battery joint factory failed to reach an agreement and have ended.

However, GM's plan to build the fourth battery factory in the United States will proceed as planned, and GM is reportedly negotiating with at least one other joint venture partner candidate, not LG Energy Solution. WSJ also claimed that one of the reasons for the breakdown in negotiations was LG Energy Solution's lukewarm attitude toward additional investment in the United States.

In response, LG Energy Solution stated, "Discussions are ongoing regarding Ultium Cells Plant 4, but nothing has been finalized."

Previously, GM and LG Energy Solution established the electric vehicle battery joint venture Ultium Cells in 2019 to respond to the explosive growth of the U.S. electric vehicle market. Ultium Cells is constructing its first plant (over 35GWh) in Ohio and its second plant (over 35GWh) in Tennessee. The first plant began mass production last year, and the second plant will start this year. Ultium Cells announced at the end of last year that it would build a third battery plant in Michigan. The two companies plan to expand the production capacity of the third plant to 50GWh.

This content was produced with the assistance of AI translation services.