Despite the changes in the investment environment brought about by the US "Inflation Cut Act", South Korea's LG New Energy is still considering setting up a battery factory in Arizona, the US as planned.
In June of this year, LG Energy Solutions, a subsidiary of LG, said it was reviewing the matter of rising factory costs. The company will make its position clear by filing regulatory filings later this month or next month.
In March this year, LG New Energy announced that it would spend 1.7 trillion won (about 1.4 billion US dollars) to build a battery factory in Queen Creek, Arizona, with a production capacity of 11GWh, for Tesla and other electric start-up car companies. Cylindrical cells are available, with mass production planned in the second half of 2024.
According to reports, LG's new factory 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.
It is worth mentioning that Musk said that car production in the next 2-3 years will be limited by battery capacity, and he called on suppliers to increase production capacity. It was reported earlier this month that Panasonic and CATL were considering building new factories in North America to supply Tesla with batteries.
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