LG Energy Solution (LGES) and Hyundai Motor Group announced an EV battery cell manufacturing joint venture in the US.
They said the 50-50 JV will involve investment of over $4.3 billion.
Annual production capacity of the JV is set at 30GWh. The plant will be in Bryan County, Georgia. It will be next door to Hyundai Motor Group Metaplant America, currently under construction.
Facility construction will start in the second half of 2023, with battery production beginning from end-2025.
Car parts company Hyundai Mobis will assemble battery packs with cells from the plant. It will then supply them to the group’s US manufacturing facilities for production of Hyundai, Kia and Genesis electric vehicles.
LGES said it now has seven battery plants operating or being constructed in the US, where it is concentrating most of its resources.
LGES and Hyundai Motor Group will aim to further strengthen EV battery cooperation, they said.
Photo: Jaehoon Chang (left), President and CEO of Hyundai Motor Company and Youngsoo Kwon, CEO of LG Energy Solution
