what was then a 1.7 trillion won investment plan due to "unprecedented" economic conditions, just three months the plan's initial unveiling.said it had been in "active discussion" with Tesla and electric vehicle startups to supply batteries from the proposed factory.
The new Arizona factory will consist of two manufacturing facilities - one for cylindrical batteries for electric vehicles and another for lithium iron phosphate pouch-type batteries for energy storage systems , LGES said in a statement. "The company’s decision to increase investment in cylindrical EV battery production in North America comes from rising demand from EV makers for locally manufactured high-quality, high-performance batteries in an effort to satisfy the Inflation Reduction Act's EV tax credits," the company said in a statement.