In order to expand battery production in America, LG Energy Solution will invest more than $4.5 billion by the end of 2025. The investment will create more than 10,000 jobs by the company in the USA. The company plans to further expand its battery production capacity in the USA.
- In addition to the Green Field Project, LG Energy Solution and GM are currently discussing plans to build a second joint venture plant in the U.S., which will even further increase its cell production capacity.
- LG Energy Solution developed its Green Field Project in a full-fledged effort to ensure its position in the growing U.S. electric vehicle (EV) market.
The Green Field Project will provide the U.S. with a large-scale supply of environmentally friendly batteries to increase renewable energy sources across an array of industries, including electric vehicles.
The prominent deals and expansion by LG group are mentioned below:
February 2020: LG Electronics, has decided to sell its Chinese headquarters buildings for approximately $562 million. As per agreement The LG Beijing Twin Towers, comprised of two 31-story buildings, will be sold to RECO Changan Private Ltd., a subsidiary of Government of Singapore Investment Corp. LG Electronics had spent nearly $400 million to build the Twin Towers, which is located in the Chaoyang district of the Chinese capital city, in 2005. The funds from this deal will help the company in its future growth engines.
January 2020: LG Electronics entered into an agreement with Luxoft, a DXC Technology Company, to jointly develop and expand the webOS Auto platform in production-ready systems. The new JV will be based in Santa Clara, California, and is expected to begin operation in the first quarter of 2020.
January 2020: LG Electronics had also announced a partnership with Microsoft to build its automotive infotainment systems, building management systems, and other business-to-business collaborations. As per the agreement, LG will leverage Microsoft Azure and AI services to accelerate the digital transformation of LGs B2B business growth engines.
June 2019: LG Electronics signed a Memorandum of Understanding with Finland based The Qt Company, a leading software developer behind the Qt Project. The MoU expands its existing collaboration on webOS. The partnership focused on embedding LGs open-source webOS platform in future automotive, robotics, and smart home devices as well as positioning webOS as a reference operation system of Qt.
About LG Electronics
LG Electronics, is a global innovator in technology and manufacturing with operations in more than 140 locations around the world. The company has a workforce of approximately 70,000 around the world. LG is comprised of five companies: Home Appliance & Air Solutions, Home Entertainment, Mobile Communications, Vehicle Components, and Business-to-Business. The company is the worlds leading producer of TVs, washing machines, refrigerators, air conditioners, and mobile devices in addition to premium LG signature products and ThinQ featuring artificial intelligence.