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LG Energy Solution to Spend $5.5 Billion on US Battery Plants

  • LG to build its own battery plant in Arizona for US carmakers
  • The firm is in talks with Toyota for partnership, CEO says
An LG Energy Solution battery cell for electric vehicle.
An LG Energy Solution battery cell for electric vehicle.Photographer: SeongJoon Cho/Bloomberg

LG Energy Solution Ltd. will invest 7.2 trillion won ($5.5 billion) building a giant manufacturing complex in Arizona as the electric-car battery maker seeks to speed up production in order to meet rising demand for clean cars. 

The company will spend 4.2 trillion won on a plant with an annual production capacity of 27 gigawatt-hours for cylindrical batteries, enough to power 350,000 electric vehicles a year, the Seoul-based company said in a statement Friday. It aims to begin mass production in 2025.