$25 Million Investment Includes R&D Expansion
Korea’s LG has announced plans to invest $25 million – backed by a $2.9 million capital grant under the Michigan Business Development Program over the next four years – to manufacture electric vehicle power components in the Detroit suburb of Hazel Park.
“The project will mean at least 292 new Michigan jobs,” the company says, including factory workers in Hazel Park and engineers at LG’s expanded R&D Center in Troy.
Production at the 250,000-square-foot Hazel Park facility is to commence in 2018.
The GM Bolt Is Big
“LG’s great technological advancements and our outstanding workforce will help pave the way for the vehicles of the future right here in Michigan,” Michigan Governor Rick Snyder says in a company release.
“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,” said LG Electronics USA senior VP Ken Chang, who heads LG’s North America vehicle components n business center.
LG said too that vehicle components represent the fastest growing business for LG Electronics, with global revenues of more than $1.5 billion for the first half of 2017, a 43% increase from the same period in 2016, “thanks in large part to the successful collaboration with General Motors on the popular Chevrolet Bolt EV.”
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Source: LG Electronics with Fleets & Fuels follow-up