LG Set to Acquire GM's $2 Billion Interest in Electric Vehicle Battery Production Facility
Get Ready for the EV Revolution: Here's the latest scoop from the electric vehicle scene! From manufacturing to purchasing, let's dive into updates from LG, Lucid, Hyundai, and more.
LG Slashes GM Out:
LG Energy Solution Ltd is ready to shell out $2 billion to buy out its partner, General Motors Company, in their EV battery joint venture in Lansing, Michigan. With GM scaling back its EV plans, the deal – set to close on May 31 – could save LG Energy some serious moolah. The newly-owned plant will be supplying batteries to Toyota Motors, enough for approximately 200,000 EVs.
Hyundai Kicks Off Metaplant:
Hyundai Motor Group's Metaplant America celebrated its grand opening on March 26 in Ellabell, Georgia. Production had already started back in October with Hyundai's IONIQ 5 rolling out first. Besides manufacturing vehicles, Hyundai, Genesis, and Kia brands, the plant will also fabricate EV batteries. The $7.5 billion factory, Georgia's largest economic development project, churns out 300,000 vehicles annually and plans to double production in the future.
Lucid Steals the Show:
With the unpopularity of Tesla CEO Elon Musk on the rise, Lucid Motors is taking advantage. In an interview with Yahoo Finance, interim CEO Marc Winterhoff revealed a significant increase in interest from Tesla owners. Half of the recent orders for Lucid's Gravity SUV, starting at $79,900, come from existing Tesla owners. Edmunds data suggests a 1% increase in 2017 or newer Teslas traded in at dealerships, with only a small fraction going towards new Teslas.
The luxury focus of Lucid's Air sedan ($70,000-$250,000) and Gravity SUV, combined with targeted incentives and Lucid's growing success, make it a compelling choice for Tesla buyers seeking a premium alternative.
- The layoffs at LG Energy Solution Ltd might increase due to the purchase of the EV battery joint venture plant from General Motors Company, as the new plant will supply batteries to Toyota Motors instead.
- The Hyundai Motor Group's plant in Ellabell, Georgia, not only manufactures vehicles but also fabricates EV batteries, using manganese and other materials in the process.
- The popularity of the Lucid Motors' Gravity SUV, starting at $79,900, has been increasing, with half of the recent orders coming from Tesla owners who are looking for a premium lifestyle alternative.
- The technology advancements in electric vehicles (EV) are causing a shift in the finance sector, with EV battery manufacturing companies like LG Energy Solution Ltd making strategic decisions based on market changes and the growth of THE EV revolution.
