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Hyundai Motor Group and LG Energy Solution are building a new electric vehicle battery plant in the United States. In this joint project, the leading South Korean companies agreed to invest KRW5.7 trillion or about $4.3 billion for the facility.
Hyundai Motor said it agreed to cooperate with LG Energy Solution for the setting up of an EV battery manufacturing factory in the U.S. With the project, the companies expect to broaden their base in the booming clean car market in the country.
As per The Korea Herald, Hyundai Motor and LG Energy are planning to start the construction of the battery production facility before this year ends. Once in operation, the plant will have an annual production capacity of 30 gigawatt-hours which is said to be enough to provide about 300,000 batteries to fully electric cars.
The companies will open the EV battery plant in the fourth quarter of 2025 at the earliest. In the agreement, Hyundai Motor and LG Energy Solution will each own a 50% stake in the joint venture.
The firms are building the factory not far away from where Hyundai Motor Group Metaplant America is located. This is the automaker's EV plant in the U.S. which sits in Bryan County, Georgia. Its construction is also scheduled to commence in 2025.
In any case, this is the second JV for Hyundai Motor and LGES. Their first deal involves a joint venture to build a battery cell manufacturing plant in Indonesia, where production is set to begin in early 2024.
"Hyundai Motor Group is focusing on its electrification efforts to secure a leadership position in the global automotive industry," The Korea Times quoted Hyundai Motor's president and chief executive officer, Chang Jae Hoon, as saying during the contract signing ceremony. "We will create a strong foundation to lead the global EV transition by establishing a new EV battery cell plant with LGES, a leading global battery producer and long-time partner."
Photo by: Stephen Kidd/Unsplash
