With rumours circling, it should come as no surprise that LG Energy Solutions confirmed they are building a third Ultium EV battery factory in the US.
General Motors will split costs with LG Energy Solutions on the $2.1 billion plant.
The plant looks to be run by GM and LG Energy Solutions, Ultium Cells, a US-joint venture. At least this is according to a regulatory filing by LG Chem Ltd, which is the parent company of LG Energy Solutions.
The investment will come in installments through 2026 as per the same filing reported by Yonhap News Agency.
The two companies are already building two other factories in Ohio and Tennessee. LG hopes to start operation as early as late 2022 in both plants.
LG Energy Solutions did not provide details on the location or the size of the plant. However, many speculate that the plant will be in Lansing, Michigan.
Opening three Ultium plants in as many years are part of a broader expansion into the North American market. The company plans to invest $4.17 billion in this expansion.
An announcement from Ultium, GM and LG Energy Solutions should come in the next few weeks. However, until then, the rumours will continue to swirl on where this plant will end up and how big it will be.
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