LG Energy Solution of South Korea and General Motors of the United States plan to suspend the construction of their third joint battery plant in the near future. According to Yonhap News Agency on July 23, affected by the "less-than-expected development of the electric vehicle business of the partner," the construction plan of the third joint battery plant by LG Energy Solution and General Motors has been suspended recently, and the start date may be adjusted according to market conditions in the future. The battery plant whose construction is planned to be suspended is the Michigan power battery gigafactory of Ultium Cells, a joint venture between LG Energy Solution and General Motors. With an investment scale of $2.6 billion (approximately 18.9 billion yuan), the gigafactory started construction in June 2022, was originally scheduled to be completed by the end of this year, and start mass production in early 2025, with a planned annual production capacity of 50GWh.