NEW YORK – LG Energy Solution will invest more than $4.5 billion in U.S. battery production by 2025 as more automakers commit to churning electric vehicles sooner than anyone had expected.
The Korean company, which has a joint venture with U.S. automaker General Motors, said the investment will help create 10,000 jobs, including subcontractors.
GM and LG are currently building a $2.3 billion battery factory in Lordstown, Ohio, near Cleveland, that will employ about 1,000 people when it is completed in 2022.
The site is fairly close to GM’s two other designated electric vehicle plants, one in Detroit and the other north of the city in Orion Township, Michigan.