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LG Energy Solution and Stellantis N.V. are investing $4.1 billion or more than $5 billion CAD for their electric vehicle battery joint venture in Canada. The fund will be used for their EV battery manufacturing facility in the said region.
LG Energy Solution and Stellantis’ JV company is set to become the first large-scale lithium-Ion battery production factory in Canada. Moreover, once the facility is fully operational, the company will be creating around 2,500 new jobs for the locals.
According to CNBC, the construction of LGES and Stellantis’ EV battery manufacturing plant is slated to start later this year. It is located in Windsor, Ontario, and the companies are planning to launch the facility within the first quarter of 2024.
The new plant it is building with the South Korean battery manufacturing firm is part of Stellantis’ plans to speed up its EV investment to reach sales of five million units of electric vehicles worldwide by the year 2030. The target number of units includes sales in Europe and 50% of light-duty truck and passenger car sales in North America.
Reuters reported that LGES owns 51% of the JV company with Stellantis, which they tentatively named LGES-STLA JV. The Korean battery maker is said to also be considering the construction of another factory in Arizona so it can meet the demand in the United States.
If the plans push through, this factory will mainly produce cylindrical battery cells. It was noted that LG Energy Solution already has its own facility in Michigan while also maintaining two battery joint ventures with General Motors that are located in Ohio and Tennessee. Additionally, the company is Tesla and Volkswagen’s supplier as well.
Meanwhile, with LGES’ latest announcement related to its JV with Stellantis, it has now secured a production capacity of more than 200-gigawatt hours in North America. This volume is said to be enough for the production of around 2.5 million EVs, annually.
“Through this joint venture, LG Energy Solution will be able to position itself as a critical player in building green energy value chains in the region,” LGES’ chief executive officer, Youngsoo Kwon, said in a press release. “Creating a joint venture battery manufacturing company in Canada, recognized as one of the leading nations in renewable energy resources, is key for LG Energy Solution as we aim to power more electric vehicles around the world.”
Finally, Stellantis’ CEO, Carlos Tavares, added that their JV with LGES is another stepping stone to achieve their electrification roadmap in the U.S. and Canada.
