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LG Energy Solution reportedly refuted reports that it has ended the joint venture with General Motors, where they were supposed to build a fourth battery cell production plant together.
According to The Korea Herald, LG Energy Solution and General Motor’s joint venture called Ultium Cells is considering the construction of another battery manufacturing plant in Indiana. The South Bend Regional Chamber of Commerce said in August of last year that the company needs to spend at least $2.4 billion on the project.
However, last week, it was reported by various media outlets that LGES and GM’s plan has been shelved. The deal was said to have been scrapped as the executives of the South Korean battery manufacturing company were hesitant to commit to the project since it already has already signed several other investments in the United States.
On Wednesday, Jan. 25, LGES reportedly denied that it made the decision to suspend its joint plan with General Motors. The company allegedly pulled out from the deal regarding the construction of a fourth EV battery factory.
“The two companies are still in discussions about Ultium Cells’ fourth plant in the US and no specific decisions have been made at this point,” an LG Energy Solution official told The Korea Herald.
Likewise, in a report, it was stated that LG Energy Solution and General Motors are still on track with the deal, although they have yet to iron out some things before proceeding with the project. Once completed, Ultium Cells will effectively increase its revenues as its production capacity is boosted.
The company’s three other factories are located in Ohio, Michigan, and Tennessee. Ultium Cells’ total investment for these three facilities was estimated to be $6.5 billion. LGES and GM established their EV battery joint venture in the U.S. in 2019.
