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Automobiles

LG Energy Solution tackles $228bn EV battery order with partners

Joint ventures with automakers to share plant costs and lock in buyers

LG Energy Solution has formed joint ventures with foreign partners like General Motors in the U.S. and Stellantis in Europe, and plans to build half a dozen battery plants abroad.    © Reuters

SEOUL -- South Korea's LG Energy Solution recently struck another major joint venture to build an overseas plant for electric vehicle batteries, a strategy it hopes will allow it to lock in customers and rein in costs as it chases global leader Contemporary Amperex Technology (CATL) of China.

LG Energy announced last month it will partner with Japan's Honda Motor to build an EV battery plant in the U.S. It has formed similar joint ventures, including with General Motors in the U.S. and Stellantis in Europe, to build six plants around the world. This is in response to strong demand from the rapid shift to EVs.

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