GreenTech

LG to build U.S.-based factory for EV components in Michigan



LG is building a new factory in Detroit suburb Hazel Park to supply electric vehicle components, the company announced on Tuesday. The facility will be a 250,000-square foot manufacturing plant, and should result in almost 300 new jobs, LG says, with a $25 million price tag from the company and $2.9 million in grand money supplied by Michigan over the next four years.

LG’s EV components business is important to the electronics maker: during the first half of 2017, vehicle components were worth $1.5 billion in global revenue to LG, which is up 43 percent from last year. LG attributes a significant chunk of this growth to its partnership with GM in supplying components for the Bolt EV, Chevy’s low-cost long-range electric car.

Besides lithium-ion cells for the Bolt’s battery pack, LG also provides a number of other components, including the electric drive motor, the battery heater, the voltage distribution controller module, the infotainment system, the power inverter and much more. All of these are likely to be of interest to other automakers looking to build out their EV lineup, and a Michigan-based plant makes good strategic sense for filling that need.



Source link

Products You May Like

Articles You May Like

StudioBricks is a Barcelona-based startup that sends you a studio in a box
Reddit hires former Time Inc. exec Jen Wong as COO
Another day, another $50 million ICO exit scam
Buick unveils an all-electric SUV concept and it’s exactly what GM needs
BigID lands in the right place at the right time with GDPR

Leave a Reply

Your email address will not be published. Required fields are marked *