LG New Energy And Stellantis Will Build A Battery Plant in Ontario, Canada

LG New Energy and Stellantis will build their planned new battery plant in Ontario, Canada. The two companies are expected to officially announce their plans on March 23.

LG New Energy and Stellantis said in October that they were planning to build a battery cell manufacturing plant in North America as Stellantis, whose brands include Jeep and Ram, expands its range of electric vehicle products, The goal is to increase the share of electric vehicles sold in the U.S. to 40% by 2030. Construction of the new battery plant will begin next quarter and production is expected to begin in early 2024, the companies said.

Government incentives for clean energy companies have helped lure them to build factories in Canada, according to people familiar with the matter.

去年12月,LG新东北偏东rgy said it was considering building a $2 billion battery plant for new electric cars in Ontario, Canada. LG New Energy said it was in talks with officials in The Canadian province of Ontario about a new battery plant. The battery plant under negotiation is part of LG New Energy's plan to invest Won5.6tn ($4.76bn) in North America by 2024 to add 55GWh of annual battery capacity in the region.

Driven by strong demand for electric vehicles and the cylindrical batteries they require, the battery industry is booming. In 2021, LG New Energy's annual revenue was 17.85 trillion won, up 42% year on year; Operating profit of 768.5 billion won; Operating margins were 4.3 per cent.

LG New Energy also expects revenue to reach 19.2 trillion won in 2022, up 8 percent year-on-year, beating expectations for steady growth in the electric vehicle market.

In addition to LG New Energy and Stellantis' joint plant in Canada, General Motors and Posco Chemical announced on March 8 that they will build a US $400 million (C $500 million) battery material production facility in Canada.