The KRW4.8trn (US$3.8n) joint venture was scheduled to begin production of EV batteries by the first half of 2024, with annual capacity of 45 gigawatt hours (GWh) of EV batteries. It will be built in Ontario to supply batteries mainly for vehicles produced by Chrysler and Jeep.
LGES, the world’s second largest EV manufacturer with an estimated global market share in excess of 20%, is expanding rapidly in the North American EV battery segment. It already operates a wholly-owned EV battery plant in Michigan and, earlier this year, announced plans to build a second wholly-owned plant in Arizona.
The company has also established a deal with General Motors, with three jointly owned EV battery plants to be built in Ohio, Tennessee and Michigan.