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SEOUL, Jan 25 (Reuters) – South Korea’s LG Vitality Answer (LGES) plans to spend $2.1 billion with Common Motors (GM.N) to construct a U.S. electrical automobile (EV) battery plant, dad or mum agency LG Chem (051910.KS) stated on Tuesday.

LGES and GM are anticipated to fund the mission equally through Ultium Cells, their U.S.-based battery three way partnership, for what will probably be their third joint battery plant in the US, LG Chem’s regulatory filings confirmed.

LGES declined to supply element on the placement or manufacturing capability of the brand new plant.

In December, Reuters reported that GM had proposed constructing a $2.5 billion battery plant close to Lansing, Michigan, with LGES. learn extra

LGES instructions greater than 20% of the worldwide electrical automobile battery market and provides Tesla Inc (TSLA.O), Volkswagen AG (VOWG_p.DE) and Hyundai Motor Co (005380.KS), amongst others.

It’s already constructing two crops with GM in Ohio and Tennessee to fabricate 70 GWh of batteries, which might energy about 1 million EVs by 2024. learn extra

LGES has manufacturing websites in the US, China, South Korea, Poland and Indonesia.

Its announcement got here forward of the corporate’s market debut later this week after launching South Korea’s largest ever IPO.

The IPO attracted $12.8 trillion value of bids from institutional buyers and $96 billion from retail buyers. learn extra

The IPO value values LGES at about 70.2 trillion received ($58.57 billion) and can make it South Korea’s third most-valuable firm after Samsung Electronics Co (005930.KS) and SK Hynix Inc (000660.KS).

($1 = 1,198.5800 received)

Reporting by Heekyong Yang; enhancing by Jason Neely

Our Requirements: The Thomson Reuters Belief Ideas.