LG's LG Energy Solutions (LG Energy Solution) provides car batteries for Tesla and other companies, the company announced that it will invest 1.4 billion US dollars to build a factory in Arizona before 2024. The new plant will be the first in the United States to produce cylindrical batteries. Construction work will begin in the second quarter of 2022, with mass production in 2024, with a capacity of 11GWh. Tesla, Lucid, Proterra, tobacconist Philip Morris could all be customers.
Musk believes that car production will be constrained by battery capacity in the next 2-3 years, and he called on suppliers to increase capacity. It was reported earlier this month that Panasonic and CATL were considering building new factories in North America to supply Tesla with batteries.
In January, LG Energy Solutions, which raised more than $10 billion in an IPO, is preparing to set up a joint venture with General Motors in the United States and a joint venture with Stellantis in Canada. The President of the United States has signed an executive order requiring at least half of all new cars sold in the U.S. by 2030 to be electric vehicles.
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