LG Energy to Invest $2.1 Billion in Stellantis Battery JV
23 März 2022 - 2:58PM
Dow Jones News
By Kwanwoo Jun
South Korea's LG Energy Solution Ltd. plans to invest around
$2.1 billion in a planned electric-vehicle battery joint venture
with auto maker Stellantis NV.
LG Energy will spend $1.464 billion to buy a 51% stake in the
joint venture and $637.3 million to guarantee debt and support its
credit line, the South Korean EV battery maker said in a regulatory
filing late Wednesday.
The investment plan followed an LG Energy-Stellantis deal in
October 2021 to jointly build an EV battery plant for the North
American market.
Both sides expect production to begin in the first quarter of
2024 at the plant, which should have an annual production capacity
of 40 gigawatt hours.
They want to use batteries produced at the plant for Stellantis
assembly lines in the U.S., Canada and Mexico. The location of the
plant has yet to be announced.
Stellantis set a goal of electric vehicles making up 40% of its
U.S. sales by 2030.
The French-Italian car maker has also partnered with another
South Korean battery maker, Samsung SDI Co., for a similar EV
battery joint-venture project.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
March 23, 2022 09:43 ET (13:43 GMT)
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