LG opening Detroit-area parts plant for Chevy Bolt, other EVs

LG opening Detroit-area parts plant for Chevy Bolt, other EVs

Today, LG Electronics announced plans to establish a new USA factory for "advanced electric vehicle (EV) components" in MI.

LG provided 11 major parts for the Chevrolet Bolt EV released in the U.S past year, winning global recognition in the field. The facility will be a 250,000-square foot manufacturing plant, and should result in nearly 300 new jobs, LG says, with a $25 million price tag from the company and $2.9 million in grand money supplied by MI over the next four years.

LG Electronics announced Wednesday it will spend $25 million on a factory for advanced electric vehicle components in the US state of MI.

LG's vehicle components business, which announced its first official results in 2015, surged 51.3 percent in sales a year ago, serving as a new growth engine for the South Korean electronics maker struggling with its smartphone business. The company will also expand its U.S. R&D footprint.

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LG globally has earned about $1.5 billion in revenue so far this year from building vehicle components, an increase of 43 percent over the same period last year. The division previous year generated 51.3 percent growth in sales to 2.773 trillion won. 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.

“When leading global companies like LG invest in MI and create hundreds of good, high-paying jobs here, it speaks volumes about the strong business climate in the state today, ” Governor Rick Snyder said.

LG USA on Tuesday won a $2.9 million performance-based grant from the Michigan Strategic Fund for the project.

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

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