South Korea’s LG Energy Solution (LGES) said its recently announced joint venture with multinational automaker Stellantis NV has been named NextStar Energy.
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData