LG Chem Plans To Invest $1.6M Initiates Construction Of Biggest Cathode Plant In US
Portfolio Pulse from Benzinga Neuro
LG Chem is investing $1.6 billion to build the largest cathode plant in the U.S. in Tennessee, with production starting by 2026. The plant will produce NCMA cathode materials for EV batteries and has agreements to supply General Motors and Toyota. The investment aligns with the shift towards cost-effective Sodium-ion batteries and the competitive EV market's demand for advanced battery materials.

December 20, 2023 | 1:27 pm
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General Motors has a comprehensive agreement with LG Chem to supply cathode material for EV batteries, which may benefit from the Inflation Reduction Act incentives.
The agreement with LG Chem for cathode supplies is likely to secure GM's battery material supply chain, which is crucial for its EV production. The Inflation Reduction Act incentives could provide additional financial benefits, making this a positive development for GM in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Toyota has entered into an agreement with LG Chem for the supply of cathode materials from the new plant, which may enhance its EV production capabilities in North America.
Toyota's agreement with LG Chem ensures a steady supply of cathode materials, which is a strategic move to support its EV manufacturing. The proximity of the supply and potential cost savings are likely to have a positive impact on Toyota's EV initiatives in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70