Hyundai Motor and LG Energy To Build Battery Plant in U.S.
FAR EAST: SOUTH KOREA REPORT
South Korea’s Hyundai Motor Group and LG Energy Solutions said they plan to build a joint automotive battery plant in the United States.
They will split the total investment of $4.3 billion (about 600 billion yen) on a 50-50 basis and plan to start operations by the end of 2025. As conditions for EV subsidies in the U.S. become clearer, several local investment plans are in the works.
The new plant will be built in Bryan County, Georgia. With a standard production capacity of 30 gigawatt-hours per year, it will be able to supply batteries for approximately 300,000 EVs. In addition to Hyundai Motor’s dedicated EV plant in Georgia, the plant will also supply batteries to Kia’s plant in Georgia and Hyundai Motor’s plant in Alabama.