S.Korea's LGES reviews $1.3 bln Arizona battery investment as U.S. inflation bites
June 29, 2022SEOUL, June 29 (Reuters) - South Korean battery maker LG Energy Solution Ltd (LGES) (373220.KS), a major supplier to U.S. carmakers including Tesla (TSLA.O), is reassessing a $1.3 billion investment plan for a Arizona factory citing "unprecedented" economic conditions.
News that South Korea's biggest battery maker is reviewing the plan, unveiled only three months ago, knocked LGES shares down 4.6% on Wednesday. It comes as more firms review business plans, fearing a drop in consumer demand amid roaring U.S. inflation mainly caused by global supply chain disruption.
https://www.reuters.com/business/autos-transportation/lges-reevaluate-investment-plan-arizona-battery-factory-spokesperson-2022-06-29/
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