text: Original by Dongchedi Xing Qiuhong
[Original by Dongchedi Industry] Recently, according to the Nikkei News, South Korean auto battery manufacturer LG New Energy (LG Energy Solution) plans to operate six factories in North America by 2025, thereby competing with the world's largest power battery manufacturer CATL .
LG plans to have 6 factories in North America by 2025
That is to say, LG New Energy will build 4 new joint venture factories in North America. Currently, LG New Energy has two factories in the United States, one is located in , Michigan, which is independently operated by LG, and the other is the Ohio factory operated by LG and General Motors.
According to the plan, LG New Energy plans to set up two new joint venture factories with General Motors in , Tennessee, and Michigan; to set up a factory in Canada with Stellantis; and to set up a new joint venture factory with Honda Motors in the United States worth $4.4 billion.
According to data released by SNE Research, South Korea's LG New Energy ranked third in July after CATL and BYD , with a total installed capacity of 4.4 GWh. In terms of growth rate, the installed capacity of Chinese power battery companies exceeded the global average growth rate of 82.6%.
SNE Research released the global electric vehicle battery manufacturers installed capacity report in July this year
In order to catch up with the footsteps of Chinese power battery companies, LG had to invest a lot. According to the plan, LG will spend nearly $14 billion in the next three years. By 2025, LG New Energy expects North America's production capacity to rise from about 7% to 45%. LG New Energy CEO Quan Yingxiu said that the North American market is its "primary focus."
