LGES to reevaluate investment plan for Arizona battery factory


© Reuters. An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. Picture taken November 23, 2021. REUTERS/Kim Hong-Ji

SEOUL (Reuters) – South Korean battery maker LG Energy Solution Ltd (LGES) plans to reevaluate its investment plan for a standalone Arizona battery factory due to the current economic environment in the United States, a company spokesperson said on Wednesday.

In March, LGES, which counts Tesla (NASDAQ:) Inc, General Motors Co (NYSE:) and Volkswagen AG (OTC:) among its customers, announced plans to invest 1.7 trillion won ($1.3 billion) to build a battery factory in Arizona by 2024 to meet demand from startups and other North American customers.

($1 = 1,290.8000 won)

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