LG Energy Solution Layoffs: EV Battery Maker Preps Michigan Staff Cuts
November 14, 2023 by Joe Panettieri
LG Energy Solution layoffs will impact roughly 170 employees between December 2023 and January 2024, The Holland Sentinel of Michigan reported.
The layoffs appear to involve LG Energy Solution Michigan, which was was founded in 2020 as a wholly-owned subsidiary. The subsidiary develops EV (electric vehicle) batteries for U.S. automakers. Key customers include Volvo, Stellantis, Ford and General Motors.
LG President of Michigan Charles Hyun announced the layoffs in a November 13, 2023, email to staff, The Holland Sentinel said. The email stated: "As we continue our mass expansion and renovations, LG Energy Solution Michigan is transitioning and retooling some production lines from our current production facility to our second factory within our Holland site. As a result, less staff will be needed as some production lines are transitioned."
Meanwhile, some companies in the EV charging market also faces growth and/or profitability challenges. The fallout so far includes:
Tritium DCFC is planning layoffs and an Australia factory closure. The goal: Achieve a path to profitability in 2024, the fast-growing but money-losing electric vehicle (EV) charging technology company said.