Hyundai Motor Group and LG Energy Solution (LGES) signed a joint venture for EV battery cell production in America.
Hyundai Motor Group and LGES are placing a lot of emphasis on the factory to produce batteries for electric cars and further accelerate the group’s electrification strategy in North America.
The partners, who invested over 4.3 billion dollars for the new factory, will each have equal shares of 50 percent. The new joint venture has an annual production capacity of 30 GWh and will be able to support the production of 300,000 EVs per year. The facility will be located in Bryan County, Georgia, next to the Hyundai Motor Group Metaplant America, which is currently under construction. The factory plans to start battery production by the end of 2025 at the earliest.
Hyundai Mobis will assemble battery packs using cells at the facility and then supply them to the group’s manufacturing facilities in the Americas for the production of Hyundai and Genesis EV models. The new facility will help establish a stable battery supply in the region and allow the brand to quickly respond to growing EV demand in the American market.
Hyundai Motor Group and LG plan to strengthen their partnership ties by continuing their collaboration in electrification.
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