Massive Subsidy Awarded to LG Energy Solutions

Gov. Whitmer wants to help make Michigan into the “epicenter” of electric vehicles. How’s she planning to charge up our state’s EV production? Step one: dump $189M in government subsidies into the expanded EV battery plant in Holland.

Here’s Five Fast Facts:

  1. 🤝💰 I like Big Batteries and I cannot lie - This whole battery factory expansion started when LG Energy Solution (LGES) decided to invest $1.7 billion into their Holland plant. Gov. Whitmer was like, “We’ll sweeten the deal” by offering hundreds of millions in tax breaks and incentives.
  2. 🤑👍 More Jobs  - This deal will create at least 1,200 more jobs paying an average annual salary of $65,000/year + benefits.
  3. 😠👎 Is this battery story gonna run out of juice? - Some don’t think tax dollars should go to private business renovations while others are still angry over LG getting busted for wasting stimulus money. That whole fiasco resulted in over $800k being refunded to state taxpayers for how LG mismanaged the stimmy cash.
  4. 🚙⛽ These new batteries (should) go the distance! -  If all goes according to plan the batteries designed at the factory (known as Long Cell Design Batteries) should help EV drivers get wayyyyy more mileage out of their cars compared to their fellow gas guzzlers. That’s a relief because gas prices are no joke and EV’s are only becoming more and more attractive for Michigan motorists.
  5. ❓📈 OK, what’s next? - This grant is performance based so if all goes well, this could mean more jobs being made available at the plant AND perhaps another subsidy. Long-term effects sound promising, but skeptics will undoubtedly eyeball Governor Whitmer to see if additional spending and a reelection is on the horizon.

🔥Bottom line: Michigan is leading the automotive industry toward an electric future with this big move. Jobs are being created and the future looks bright.

Do you plan on buying an EV anytime soon?

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