Electric Vehicle Component Manufacturing Expands in Tennessee and North Carolina
Incentives to switch to electric vehicles are growing in the neighboring states of Tennessee and North Carolina.
On Nov. 28, the Tennessee State Funding Board approved one of the largest cash grants in Tennessee history to win an economic development deal with LG Chem Ltd., a company that plans to invest $3.2 billion to develop a cathode materials plant for electric vehicle batteries.
LG Chem, a South Korean corporation, announced its plans to build a plant in Clarksville, Tennessee, on Nov. 21.
According to Republican Gov. Bill Lee’s office, the $3.2 billion deal represents the “single largest announced foreign direct investment in Tennessee’s history.”…