LG to build U.S.-based factory for EV components in Michigan

GreenTech



LG is building a new factory in Detroit suburb Hazel Park to supply electric vehicle components, the company announced on Tuesday. The facility will be a 250,000-square-foot manufacturing plant, and should result in almost 300 new jobs, LG says, with a $25 million price tag from the company and $2.9 million in grant money supplied by Michigan over the next four years.

LG’s EV components business is important to the electronics maker: during the first half of 2017, vehicle components were worth $1.5 billion in global revenue to LG, which is up 43 percent from last year. LG attributes a significant chunk of this growth to its partnership with GM in supplying components for the Bolt EV, Chevy’s low-cost long-range electric car.

Besides lithium-ion cells for the Bolt’s battery pack, LG also provides a number of other components, including the electric drive motor, the battery heater, the voltage distribution controller module, the infotainment system, the power inverter and much more. All of these are likely to be of interest to other automakers looking to build out their EV lineup, and a Michigan-based plant makes good strategic sense for filling that need.



Source link

Products You May Like

Articles You May Like

Algorithmic zoning could be the answer to cheaper housing and more equitable cities
Anyfin bags €4.8M Series A to let you refinance your existing loans by taking a photo
xMatters snares $40 million Series D led by Goldman Sachs Private Capital Investing
Life sciences startup Avro aims to deliver drugs to children and the elderly through skin patches
This autonomous 3D scanner figures out where it needs to look

Leave a Reply

Your email address will not be published. Required fields are marked *