LG Energy Solutions and Stellantis to Invest $4.1 Billion in Lithium Ion Battery Plant in Canada
LG Energy Solutions (LGES) and Stellantis entered into a joint venture to invest more than CAD$5 billion (US$4.1 billion) in a large-scale lithium-ion battery production facility in Canada.
The Canada-based battery plant will be built in Windsor, Ontario. LGES and Stellantis are expected to begin plant construction later this year and start operations by the first quarter of 2024. The battery plant aims to reach a capacity of over 45 GWh per year.
The plant is expected to create 2,500 new jobs in Windsor and surrounding areas. The project has received support from Canada’s city, provincial and federal governments. Windsor and its surrounding area have long been a bustling, rapidly growing area for the automotive industry. according to this invest in ontario Windsor-Essex has been developing and producing automobiles for at least 100 years. LGES and Stellantis hope to establish a strong battery supply chain in Windsor.
“Through this joint venture, LG Energy Solutions will be able to position itself as a key player in building the green energy value chain in the region,” said Yangsu Kwon, CEO of LG Energy Solutions. “Creating a joint venture battery manufacturing company in Canada, which is recognized as one of the leaders in renewable energy resources, is important to LG Energy Solutions as we aim to power more electric vehicles around the world.”
The battery plant will supply lithium-ion battery cells and modules to Stelantis for its vehicle production in North America. Stelantis plans to launch a fully electric Jeep SUV by early 2023 and a new RAM 1500 BEV pickup truck by 2024.
“Our joint venture with LG Energy Solutions is another step in achieving our aggressive electrification roadmap in this region, which aims to reach 50% of battery electric vehicle sales in the US and Canada by the end of the decade,” said Carlos Tavares, Stelantis said. CEO. “We are grateful to the government at the municipal, provincial and federal levels for their support and commitment to help establish Canada as a North American leader in the production of electric vehicle batteries.”
Stellantis is looking forward to boosting its electric vehicle lineup. The LGES battery plant will give Stellantis a solid foothold in the EV market. Many older automakers, including GM, are investing in battery features to transition to electric car makers and move away from ICE vehicles.
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