The United States and South Korean companies are planning to increase battery production in the US through onshoring. This move is aimed at reducing the dependence on foreign suppliers and boosting the domestic economy. The plan is expected to create thousands of jobs and increase the country’s competitiveness in the global market.
The US has been heavily reliant on foreign suppliers for batteries, especially those used in electric vehicles. This has been a cause for concern as it poses a risk to national security and economic stability. The COVID-19 pandemic has also highlighted the need for self-sufficiency in critical industries such as battery production.
To address this issue, several US and South Korean companies have announced plans to invest in battery production facilities in the US. One of the major players in this initiative is SK Innovation, a South Korean company that supplies batteries to major automakers such as Ford and Volkswagen. The company has announced plans to invest $2.6 billion in building two new battery plants in Georgia, which will create 2,600 jobs.
Another company that is investing in battery production in the US is LG Energy Solution, a subsidiary of LG Chem. The company has announced plans to build a $4.5 billion battery plant in Ohio, which will create 1,000 jobs. The plant will produce batteries for electric vehicles and energy storage systems.
These investments are expected to boost the US economy by creating jobs and increasing domestic production of batteries. It will also reduce the country’s dependence on foreign suppliers, which will enhance national security and economic stability. The move is also expected to increase the competitiveness of US companies in the global market.
The onshoring of battery production is part of a larger trend of reshoring critical industries to the US. The COVID-19 pandemic has exposed the vulnerabilities of global supply chains, and many companies are now looking to bring production back home. This trend is expected to continue as companies prioritize resilience and self-sufficiency in their operations.
In conclusion, the US and South Korean companies’ plan to increase battery production in the US through onshoring is a significant development that will have far-reaching implications. It will create jobs, boost the economy, enhance national security, and increase competitiveness in the global market. This move is part of a larger trend of reshoring critical industries to the US, which is expected to continue in the coming years.
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- Source: Plato Data Intelligence: PlatoData