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Benzinga
Benzinga
Technology
Shanthi Rexaline

Why This Tesla Battery Supplier Is Rethinking $1.3B Arizona Plant

Arizona Nasdaq LG Energy Solution LG Energy Solutions electric vehicle LGES

Tesla, Inc. (NASDAQ:TSLA) battery supplier LG Energy Solutions is reportedly having a rethink on its strategy to construct an electric vehicle battery manufacturing plant in the U.S. state of Arizona.

LGES, the world's second-largest EV battery maker, is reviewing plans for the $1.3 billion plant it planned to construct in Arizona due to inflation in material prices that has the potential to push up project costs, Bloomberg reported, citing the company's statement to South Korean daily Chosun IIbo.

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