LG Chem, a leading Korean maker of electric vehicle batteries, is accelerating its move into the U.S. market. It plans to start construction of a factory in Michigan in July next year, which will be subsidized by the U.S. federal and state governments.
A combined $300 million will be spent to build the plant, which will start commercial production of batteries for electric and hybrid vehicles in 2012. Nearly half of the investment or $150 million will come in the form of a cash grant from the U.S. federal government, while the state of Michigan will give $130 million in tax credits to LG Chem for the plant construction.
Source: koreaherald.co.kr
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