Hyundai Motor, LG Energy to Build $4.3 Billion Battery JV in U.S.
26 May 2023 - 1:06PM
Dow Jones News
By Kwanwoo Jun
Hyundai Motor Group and LG Energy Solution plan to build a $4.3
billion electric-vehicle battery factory in the U.S., strengthening
their tie-up overseas to meet growing demand for EVs.
Executives from both sides signed an agreement in Seoul on
Friday to construct a 50-50 EV battery cell joint venture in
Savannah, Ga., where Hyundai Motor Group will build a new EV
factory, the South Korean auto conglomerate said in an emailed
statement.
Three Hyundai Motor Group affiliates--Hyundai Motor, Kia and
Hyundai Mobis--have jointly invested to secure a combined 50% stake
in the JV, which aims to start production at the end of 2025, the
statement said.
The JV will have an annual production capacity of 30 gigawatt
hours, enough to produce 300,000 EVs, it said.
The U.S. project would mark the second battery JV between
Hyundai Motor and LG Energy, which have been building a separate JV
in Indonesia.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
May 25, 2023 22:51 ET (02:51 GMT)
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