LG Electronics to Establish Factory for Electric Vehicle Components

LG Electronics to Establish Factory for Electric Vehicle Components

LG Electronics to Establish Factory for Electric Vehicle Components

A 250,000-square-foot facility, in the Detroit suburb of Hazel Park, Michigan, will produce EV components starting in 2018.

LG's automotive business has been growing in recent years. The company will also expand its U.S. R&D footprint.

LG Electronics is accelerating expansion of its vehicle component business with the decision to construct a plant for electric vehicle components in the United States, the company announced Wednesday.

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"LG's initiative to develop and produce world-class EV components in the United States represents a key pillar of our strategy to be the best technology partner to USA automakers". The division past year generated 51.3 percent growth in sales to 2.773 trillion won. In fact, it produces most of the key powertrain components - the Bolt's electric motor, battery cells and pack, power inverter, power distribution module, onboard charging systems - along with the car's battery heater, accessory power module, climate control, instrument panel and infotainment system. The Korean firm notes that it will receive hiring and training assistance from the state, including MI Works support in cooperation with local community colleges, and from the cities of Hazel Park and Troy.

An official from LG Electronics said MI promised to provide financial support worth $2.9 million over the next four years.

LG Electronics' vehicle-components business logged 2.77 trillion won (US$2.47 billion) in sales last year, sharply up 51.3 percent from a year earlier.

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"The construction of the factory will help LG Electronics become the best partner for US carmakers preparing for the era of electric vehicles", the company said.

LG Electronics has been banking on electric vehicle components to diversify its business away from home appliances.

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