LG Energy Solution and Hyundai to build EV battery factory in the US
2nd joint factory after Indonesia
LG Energy Solution and Hyundai Motor Group said on Friday that they will build a joint electric vehicle battery factory in the US.
It is their second joint EV battery factory after Indonesia.
The factory in the US will be located at Brian County in Georgia where Hyundai Motor Group Metaplant America, the auto giant’s EV factory, is located.
The battery factory will be completed in 2025 and have a 30GWh annual production capacity, enough to power 300,000 EV units.
The pair will spend US$4.3 billion and each owns 50% stock of the joint venture.
Battery made at the factory will be assembled into packs by Hyundai Mobis and be supplied to HMGMA as well as Hyundai and Kia’s factories in Alabama and Georgia, respectively, as well.
Meanwhile, LG Energy Solution and Hyundai Motor Group’s factory in Indonesia is being built for an annual capacity of 10GWh and is expected to start production next year.