LG Energy Solutions Canadian battery JV with Stellantis
According to an announcement made on Wednesday, March 23, South Korean battery giant LG Energy Solution Ltd (LGES) should invest US $1.5 billion ($1.884 billion CAD) to set up a joint venture with Stellantis NV in Canada. At this point, LG Energy Solution would own 51 per cent of the joint venture that is tentatively named “LGES-STLA JV”. As far as Stellantis it would own 49 per cent as per LGES in a regulatory filing. Historically speaking, last October, LGES and Stellantis NV announced an electric vehicle (EV) battery production joint venture. Its production was predicted to start production in the first quarter of 2024. Annual production capacity was 40 gigawatt hours of batteries.
LGES has Tesla Inc, General Motors Co, and Volkswagen AG among its customers. It currently has battery production sites in the United States, China, Poland, and South Korea.