interesting.
ARIZONA EXPANSION
Despite expectations that demand growth is slowing, LGES said it was boosting the production capacity of wholly-owned its Arizona battery plant to 36 gigawatt hour (GWh) from 27 GWh, as it seeks to take advantage of tax credits offered for U.S. manufacturing.
LGES added that it planned to produce energy-dense 46-series cylindrical battery cells with a longer driving range at its Arizona plant, aiming to start production in late 2025.
The company also said it would produce cheaper lithium iron phosphate (LFP) batteries from 2026 to better respond to demand for lower-priced EVs.
LGES posted a 40% rise in third-quarter profit to 731 billion won ($543.46 million) in line with the company's earlier guidance, helped by increased output from its Ohio joint venture factory with GM.
September quarter revenue rose 7.5% year-on-year to 8.2 trillion won, LGES said. But it was down 6% from the June quarter due to the demand slowdown in Europe, production adjustments by automakers and lower metal prices.
https://www.reuters.com/technology/battery-firm-lg-energy-solution-q3-profit-rises-40-increased-us-output-2023-10-25/