LG Energy Solutions is expected to further solidify their dominance in the global electric vehicle battery market by establishing a joint venture with Stellantis, the world's fourth-largest automaker. LG Energy Solution declared that they would accelerate their market penetration based on their electric vehicle battery mass production capacity with General Motors (GM) and Hyundai Motors. They arenowdrawing attention as succeeded in joint venture with Stellantis.
LG Energy Solution and Stellantis agreed to target the electric vehicle battery market based on the next-generation four-element battery.
The goal of Stellantis is to install LG Energy Solution's nickel, cobalt, manganese, and aluminum (NCMA) batteries in next-generation electric vehicles and target the US electric vehicle battery market. The batteries produced by the joint venture will be installed in the new electric vehicle brand under the Stellantis brand.
LG Energy Solution has accelerated their penetration into the market with the demonstration of theirEV battery performance. Stellantis was launched in January this year through the merger of Chrysler, a joint venture between the United States and Italy, and Peugeot Citroen, a French automobile manufacturer. They announced that they will invest 41 trillion KRW to convert existing internal combustion engine vehicles to electric vehicles by 2025.
LG Energy Solution's NCMA battery provides an optimal solution for electric vehicle production. It is a next-generation electric vehicle battery that can increase the mileage of electric vehicles and lower the manufacturing cost by increasing the nickel content to the highest level and reducing the cobalt proportion to the lowest level.
The major automakercustomers of LG are GM and Hyundai Motors. GM, the largest automaker in the US, will establish two production subsidiaries in the US withLG, and will install NCMA batteries in their first electric truck. As GM has a long-standing cooperative relationship with LG Energy Solution, it is expected that it will occupy an advantageous position in targeting the US electric vehicle market.
Hyundai Motor plans to install NCMA batteriesintheirelectric vehiclesproduced by Indonesian joint venture withLG Energy Solution. Hyundai Motor is strengthening the production of electric vehicles based on the next-generation electric vehicle platform.
LG Energy Solutions has secured the world's largest automakers, such as GM and Hyundai, as theircustomers, with theirEV batteries leading the way. It is expected to strengthen its penetration into the global electric vehicle market by strengthening alliances with automakers and supplying next-generation batteries.
By Staff Reporter Jiwoong Kim (firstname.lastname@example.org)