LG Electronics to set up US$25 million factory to supply Bolt build-out
LG Electronics has announced plans to establish a U.S. factory for advanced electric vehicle (EV) components in Michigan. The 250,000-square-foot facility, in the Detroit suburb of Hazel Park, Mich., will produce EV components starting in 2018. The project will mean at least 292 new Michigan jobs, including factory workers in Hazel Park and engineers at the expanded LG R&D Center in Troy, Mich.
Representing an investment of about $25 million, the project is supported by a $2.9 million capital grant under the Michigan Business Development Program over the next four years, as announced today by the Michigan Economic Development Corporation. The company also 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 Michigan and create hundreds of good, high-paying jobs here, it speaks volumes about the strong business and mobility climate in the state today,” Governor Rick Snyder said. “LG’s great technological advancements and our outstanding workforce will help pave the way for the vehicles of the future right here in Michigan.”
Ken Chang, LG Electronics USA senior vice president and head of the LG Vehicle Components North American Business Center, said: “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.”
Vehicle components represent the fastest-growing business of global technology leader LG Electronics. LG’s first-half 2017 global revenues for vehicle components were more than $1.5 billion, a 43 percent increase from the same period last year, thanks in large part to the successful collaboration with General Motors on the popular Chevrolet Bolt EV. Honored by GM as a global supplier of the year, LG Electronics received the coveted 2017 GM Innovation Award.
Source: LG Electronics