Written by 08:21 Business, USA Views: 2

LG & Hyundai Decided To Build $4.3bn EV Battery Plant In US

Hyundai, LG announce $4.3bn EV battery plant in Georgia

Hyundai Motor Group and LG Energy Solution have recently planned to construct a $4.3 billion electric-powered vehicle (EV) battery plant within the United States. It is a motivated act to take advantage of tax credits offered under the Inflation Reduction Act (IRA). 

Manufacturers need to connect to the brand-new sourcing necessities for EV battery additives and crucial minerals to get advantages and qualify for those tax credits. Recently, vehicles produced by Hyundai Motors and its sister company, Kia Cop, are not qualified for tax credits. Hyundai and LG Energy Solution are collaborating to build a battery plant in Georgia, whose construction started in the half of 2023, to cope with this issue. 

The battery production project starts at the end of 2025, and plants will have an annual manufacturing ability of 30 gigawatt-hours (GWh) to strengthen 300,000 electric-powered vehicles.

Hyundai Motor Group, which comprises Hyundai Motor, Kia, and Hyundai Mobis Co Ltd (an auto parts manufacturer), is the third largest automaker that is recognized globally based on vehicle scales. 

The group is already busy establishing EV and battery manufacturing facilities in Bryan County,

Georgia, where the collaborative factory with LG Energy Solution is located. Both countries have equal ownership stakes of 50% in this particular joint venture. LG Energy Solution also supplies batteries to automakers in Tesla and General Motors.

The CEO of LG Energy Solution, Youngsoo Kwon, shows confidence in the collaboration, stating, “Two strong leaders in the auto and battery industries have now joined hands, and together we are ready to take the EV transition to the next level in America.”

Also, read other articles

(Visited 2 times, 1 visits today)