LG Energy Solution will provide batteries for Stellantis electric vehicles for North America

Now the South Korean company LG Energy Solution, which recently gained relative independence in the structure of LG Chem, ranks second in the global traction battery market, controlling almost a quarter of the segment. The Korean giant began this week by announcing a partnership with Stellantis. The companies will work together to produce batteries for electric vehicles sold in North America.

Image source: Reuters

Image source: Reuters

It is logical to assume that the corresponding enterprise will also be built in close proximity to the main sales markets, since this practice is becoming more widespread today. As noted by Reuters, the parties to the transaction are not yet ready to name the place where the jointly managed enterprise will be built, but in the first quarter of 2024 it will already begin operations, and its design capacity will reach 40 GWh per year. The foundation for the enterprise will be laid in the second quarter of next year.

Stellantis intends to power locally produced batteries in electric vehicles assembled in the United States, Canada and Mexico. By the end of the decade, the automaker expects to increase the share of electric vehicles in the structure of sales in the United States to 40%. Rival SK innovation in the US and European markets will partner with Ford Motor, a Korean company that has facilities in Georgia. It is already the fifth largest traction battery manufacturer in the world, surpassing Samsung SDI.

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Dylan Harris

Dylan Harris is fascinated by tests and reviews of computer hardware.

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