Tesla, Lucid Supplier LGES Plans To Build $1.4 Billion Battery Factory In Arizona

LG Energy Solution (LGES), a supplier for electric car makers Tesla and Lucid, said on Thursday in Korea it plans to invest 17 trillion Korean won ($14 billion) to build a battery factory in Arizona by 2024 to meet demand from "prominent startups" and other North American customers. This will be its first US factory to make cylindrical cells, a type of battery that has been used in Tesla and Lucid vehicles, LGES said. Construction will begin in the second quarter of 2022, with mass production to start in 2024 with production capacity of 11 gigawatt hours, LGES said in a statement. Earlier, Reuters reported that potential customers would include EV makers Tesla, Lucid and Proterra and Philip Morris, maker of IQOS heated-tobacco sticks, among others. The report cited people familiar with the matter. LGES said in a statement that it plans to consider securing additional production capacity at its Arizona factory in the future. "The Arizona factory could add further production capacity in the future as we are seeing growing demand for cylindrical batteries from various customers, including automakers and power tool makers," said an official at LGES. On Tuesday, Tesla Chief Executive Officer Elon Musk said battery production would be "the limiting factor" for vehicle production in two to three years. He has called on suppliers to raise production, while Tesla starts making cells itself.

LG Energy Solution (LGES), a supplier for electric car makers Tesla and Lucid, said on Thursday in Korea it plans to invest 17 trillion Korean won ($14 billion) to build a battery factory in Arizona by 2024 to meet demand from "prominent startups" and other North American customers. This will be its first US factory to make cylindrical cells, a type of battery that has been used in Tesla and Lucid vehicles, LGES said. Construction will begin in the second quarter of 2022, with mass production to start in 2024 with production capacity of 11 gigawatt hours, LGES said in a statement. Earlier, Reuters reported that potential customers would include EV makers Tesla, Lucid and Proterra and Philip Morris, maker of IQOS heated-tobacco sticks, among others. The report cited people familiar with the matter. LGES said in a statement that it plans to consider securing additional production capacity at its Arizona factory in the future. "The Arizona factory could add further production capacity in the future as we are seeing growing demand for cylindrical batteries from various customers, including automakers and power tool makers," said an official at LGES. On Tuesday, Tesla Chief Executive Officer Elon Musk said battery production would be "the limiting factor" for vehicle production in two to three years. He has called on suppliers to raise production, while Tesla starts making cells itself.LG Energy Solution (LGES), a supplier for electric car makers Tesla and Lucid, said on Thursday in Korea it plans to invest 17 trillion Korean won ($14 billion) to build a battery factory in Arizona by 2024 to meet demand from "prominent startups" and other North American customers. This will be its first US factory to make cylindrical cells, a type of battery that has been used in Tesla and Lucid vehicles, LGES said. Construction will begin in the second quarter of 2022, with mass production to start in 2024 with production capacity of 11 gigawatt hours, LGES said in a statement. Earlier, Reuters reported that potential customers would include EV makers Tesla, Lucid and Proterra and Philip Morris, maker of IQOS heated-tobacco sticks, among others. The report cited people familiar with the matter. LGES said in a statement that it plans to consider securing additional production capacity at its Arizona factory in the future. "The Arizona factory could add further production capacity in the future as we are seeing growing demand for cylindrical batteries from various customers, including automakers and power tool makers," said an official at LGES. On Tuesday, Tesla Chief Executive Officer Elon Musk said battery production would be "the limiting factor" for vehicle production in two to three years. He has called on suppliers to raise production, while Tesla starts making cells itself.LG Energy Solution (LGES), a supplier for electric car makers Tesla and Lucid, said on Thursday in Korea it plans to invest 17 trillion Korean won ($14 billion) to build a battery factory in Arizona by 2024 to meet demand from "prominent startups" and other North American customers. This will be its first US factory to make cylindrical cells, a type of battery that has been used in Tesla and Lucid vehicles, LGES said. Construction will begin in the second quarter of 2022, with mass production to start in 2024 with production capacity of 11 gigawatt hours, LGES said in a statement. Earlier, Reuters reported that potential customers would include EV makers Tesla, Lucid and Proterra and Philip Morris, maker of IQOS heated-tobacco sticks, among others. The report cited people familiar with the matter. LGES said in a statement that it plans to consider securing additional production capacity at its Arizona factory in the future. "The Arizona factory could add further production capacity in the future as we are seeing growing demand for cylindrical batteries from various customers, including automakers and power tool makers," said an official at LGES. On Tuesday, Tesla Chief Executive Officer Elon Musk said battery production would be "the limiting factor" for vehicle production in two to three years. He has called on suppliers to raise production, while Tesla starts making cells itself.LG Energy Solution (LGES), a supplier for electric car makers Tesla and Lucid, said on Thursday in Korea it plans to invest 17 trillion Korean won ($14 billion) to build a battery factory in Arizona by 2024 to meet demand from "prominent startups" and other North American customers. This will be its first US factory to make cylindrical cells, a type of battery that has been used in Tesla and Lucid vehicles, LGES said. Construction will begin in the second quarter of 2022, with mass production to start in 2024 with production capacity of 11 gigawatt hours, LGES said in a statement. Earlier, Reuters reported that potential customers would include EV makers Tesla, Lucid and Proterra and Philip Morris, maker of IQOS heated-tobacco sticks, among others. The report cited people familiar with the matter. LGES said in a statement that it plans to consider securing additional production capacity at its Arizona factory in the future. "The Arizona factory could add further production capacity in the future as we are seeing growing demand for cylindrical batteries from various customers, including automakers and power tool makers," said an official at LGES. On Tuesday, Tesla Chief Executive Officer Elon Musk said battery production would be "the limiting factor" for vehicle production in two to three years. He has called on suppliers to raise production, while Tesla starts making cells itself.LG Energy Solution (LGES), a supplier for electric car makers Tesla and Lucid, said on Thursday in Korea it plans to invest 17 trillion Korean won ($14 billion) to build a battery factory in Arizona by 2024 to meet demand from "prominent startups" and other North American customers. This will be its first US factory to make cylindrical cells, a type of battery that has been used in Tesla and Lucid vehicles, LGES said. Construction will begin in the second quarter of 2022, with mass production to start in 2024 with production capacity of 11 gigawatt hours, LGES said in a statement. Earlier, Reuters reported that potential customers would include EV makers Tesla, Lucid and Proterra and Philip Morris, maker of IQOS heated-tobacco sticks, among others. The report cited people familiar with the matter. LGES said in a statement that it plans to consider securing additional production capacity at its Arizona factory in the future. "The Arizona factory could add further production capacity in the future as we are seeing growing demand for cylindrical batteries from various customers, including automakers and power tool makers," said an official at LGES. On Tuesday, Tesla Chief Executive Officer Elon Musk said battery production would be "the limiting factor" for vehicle production in two to three years. He has called on suppliers to raise production, while Tesla starts making cells itself.LG Energy Solution (LGES), a supplier for electric car makers Tesla and Lucid, said on Thursday in Korea it plans to invest 17 trillion Korean won ($14 billion) to build a battery factory in Arizona by 2024 to meet demand from "prominent startups" and other North American customers. This will be its first US factory to make cylindrical cells, a type of battery that has been used in Tesla and Lucid vehicles, LGES said. Construction will begin in the second quarter of 2022, with mass production to start in 2024 with production capacity of 11 gigawatt hours, LGES said in a statement. Earlier, Reuters reported that potential customers would include EV makers Tesla, Lucid and Proterra and Philip Morris, maker of IQOS heated-tobacco sticks, among others. The report cited people familiar with the matter. LGES said in a statement that it plans to consider securing additional production capacity at its Arizona factory in the future. "The Arizona factory could add further production capacity in the future as we are seeing growing demand for cylindrical batteries from various customers, including automakers and power tool makers," said an official at LGES. On Tuesday, Tesla Chief Executive Officer Elon Musk said battery production would be "the limiting factor" for vehicle production in two to three years. He has called on suppliers to raise production, while Tesla starts making cells itself.LG Energy Solution (LGES), a supplier for electric car makers Tesla and Lucid, said on Thursday in Korea it plans to invest 17 trillion Korean won ($14 billion) to build a battery factory in Arizona by 2024 to meet demand from "prominent startups" and other North American customers. This will be its first US factory to make cylindrical cells, a type of battery that has been used in Tesla and Lucid vehicles, LGES said. Construction will begin in the second quarter of 2022, with mass production to start in 2024 with production capacity of 11 gigawatt hours, LGES said in a statement. Earlier, Reuters reported that potential customers would include EV makers Tesla, Lucid and Proterra and Philip Morris, maker of IQOS heated-tobacco sticks, among others. The report cited people familiar with the matter. LGES said in a statement that it plans to consider securing additional production capacity at its Arizona factory in the future. "The Arizona factory could add further production capacity in the future as we are seeing growing demand for cylindrical batteries from various customers, including automakers and power tool makers," said an official at LGES. On Tuesday, Tesla Chief Executive Officer Elon Musk said battery production would be "the limiting factor" for vehicle production in two to three years. He has called on suppliers to raise production, while Tesla starts making cells itself.LG Energy Solution (LGES), a supplier for electric car makers Tesla and Lucid, said on Thursday in Korea it plans to invest 17 trillion Korean won ($14 billion) to build a battery factory in Arizona by 2024 to meet demand from "prominent startups" and other North American customers. This will be its first US factory to make cylindrical cells, a type of battery that has been used in Tesla and Lucid vehicles, LGES said. Construction will begin in the second quarter of 2022, with mass prod