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LG Electronics Plans EV Component Factory In Michigan

LG Electronics Plans EV Component Factory In Michigan
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LG Electronics has announced a $25 million, 250,000-square-foot factory that will manufacture battery packs for electric cars in Hazel Park, Michigan beginning in 2018.

The Michigan plant is LG’s first vehicle component factory in the U.S., according to the Wall Street Journal. The South Korean manufacturer supplies parts for General Motors Company (NYSE: GM)’s Chevrolet Bolt EV.

The plant in Hazel Park, just north of Detroit, will employ about 150 people, according to the Detroit Free Press. LG is also expanding its research and development facility in suburban Troy, the newspaper said.

LG’s automotive component revenue increased more than 43 percent to $1.5 billion in the first six months of 2017, according to the Free Press.

“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 U.S. automakers,” Ken Chang, LG Electronics’ senior vice president in the U.S., said in a statement.

The project received a $2.9-million capital grant from the Michigan Business Development Program, according to LG.

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