Today, LG Electronics announced plans to establish a new U.S. factory for “advanced electric vehicle (EV) components” in Michigan.
The Korean electronic manufacturer made the announcement after it saw its revenue from vehicle components grow 43% to more than $1.5 billion, which they attribute “in large part to the successful collaboration with General Motors on the popular Chevrolet Bolt EV.”
LG is making most of the components that make the Chevy Bolt EV an electric vehicle, including the battery pack, electric motor, and power electronics.
Despite the relatively low volume, the program has been great for LG’s automotive division so far and now they are bringing more of the production closer to GM.
The new 250,000-square-foot facility announced today will be located in the Detroit suburb of Hazel Park, Michigan.
LG says that the project “will mean at least 292 new Michigan jobs” and it will start producing EV components starting in 2018.
Michigan Governor Rick Snyder joined LG Electronics USA Senior Vice President Ken Chang for the announcement:
Chang said about the announcement:
“LG’s initiative to develop and produce world-class EV components in the United States represents a key pillar of our strategy to be the best technology partner to U.S. automakers.”
LG Chem, another division of the Korean company, also operates a battery production facility in Holland, Michigan, where it manufactures battery packs for the Chevy Volt and Chrysler Pacifica.
FTC: We use income earning auto affiliate links. More.
Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.