SEOUL (Reuters) – South Korean battery giant LG Energy Solution Ltd (LGES) said on Wednesday it plans to invest 1.8 trillion won ($1.48 billion) to set up a joint venture with Stellantis NV in Canada.
In October, LGES and Stellantis NV struck an electric vehicle (EV) battery production joint venture, targeting to start production by the first quarter of 2024 and aiming to have an annual production capacity of 40 gigawatt hours of batteries.
In a separate regulatory filing, LGES said it plans to acquire stake worth 662 billion won in ES America to respond to demand from EV startups in the United States.
($1 = 1,214.7100 won)
(Reporting by Heekyong Yang and Joyce Lee; Editing by Louise Heavens)
