[THE INVESTOR] LG Electronics said on Aug. 23 it will build a factory for the production of electric vehicle parts in the US with an estimated US$25 million.
The construction of the plant in Hazel Park, near the industrial city of Detroit, will be completed early next year, LG said. The factory will produce battery packs for electric cars and gradually expand the scope to other key parts, it added.
Battery packs produced by LG Chem for Chevrolet Bolt
LG already operates its vehicle-components office in Troy, Michigan, to grab a share of the US EV market.
According to LG, the combined sales of EVs came to 104,178 units in the US last year, standing as one of three major markets with China and Europe, which held comparable figures of 257,929 units and 108,649 units, respectively.
The US market for EVs is anticipated to grow 65.5 percent annually throughout 2020, it added.
LG Electronics has been making efforts to beef up its vehicle component business.
By Alex Lee and newswires (email@example.com)