Korean electronics manufacturer LG announced Wednesday its plans to build a new electric car parts factory in the United States.
The Michigan facility will be 250,000 square feet and is set to create “at least 292 new Michigan jobs,” according to the company.
“The Korean electronic manufacturer made the announcement after it saw its revenue from vehicle components grow 43% to more than $1.5 billion, which they attribute ‘in large part to the successful collaboration with General Motors on the popular Chevrolet Bolt EV,'” reported Electrek. “LG is making most of the components that make the Chevy Bolt EV an electric vehicle, including the battery pack, electric motor, and power electronics.”
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The announcement was made by both Michigan Governor Rick Snyder and LG Electronics USA Senior Vice President Ken Chang.
“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,” declared Chang in a statement.
According to Fox Business, Foxconn has also “expressed interest in opening a Michigan facility to develop advanced vehicle technologies, including self-driving cars.”
“Michigan Gov. Rick Snyder, a Republican, has said there’s a ‘strong possibility’ that Foxconn, known for making Apple (AAPL) iPhones, will expand to the state. The Taiwanese electronics company recently announced that it will build a $10 billion plan in Wisconsin,” they continued. “In addition to the Michigan facility, LG expects to begin construction soon on a $250 million factory for washing machines in Clarksville, Tennessee. The production plant will create 600 new jobs by 2019, according to LG. The company is also building a new North American headquarters down the road from its current offices in Englewood Cliffs, N.J. The project will cost $300 million.”