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Hyundai Motor Group and LG Energy to Construct USD 4.3 Billion EV Battery Plant in USA

Hyundai Motor Group, the world’s third-greatest auto manufacturer by vehicle sales, is constructing EV and battery manufacturing amenities in Bryan County in the state, where its joint factory unit with LGES will be deployed.

May 26, 2023. By EI News Network

Hyundai Motor Group and LG Energy Solution stated they will construct a USD 4.3 billion electric vehicle battery plant in the United States in the middle of a move to take benefit of tax credits.

Hyundai and LGES added building of the factory in the state of Georgia will commence in the second half of 2023, with battery manufacturing beginning at the end of 2025 at the earliest.

The company has a yearly production capacity of 30 gigawatt-hours, enough for 300,000 EVs.

The firm target is to attain EV sales of 2 million a year by 2030.

Hyundai Motor Group, the world’s third-greatest auto manufacturer by vehicle sales, is constructing EV and battery manufacturing amenities in Bryan County in the state, where its joint factory unit with LGES will be deployed.

The new amenity will assist make a stable supply of batteries in the places and permit Hyundai to stimulate quick to the rising EV demand in the U.S. market.

LGES and Hyundai Motor Group, which spaces Hyundai Motor, Kia and auto parts manufacturer Hyundai Mobis, will each own 50% of the joint venture.

Youngsoo Kwon, CEO of LG Energy Solution added, “Two strong leaders in the auto and battery industries have joined hands, and together we are ready to drive the EV transition in America”.

Hyundai Motor Group is headquartered in Seoul, South Korea.

LG Energy Solution Ltd. is a battery company based in Seoul, South Korea.

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EV battery manufacturing

Battery manufacturing facilities

USA

EV transition

Stable supply of batteries

Rising EV sales