Hyperdrive
Hyundai Motor, LG Plan $4.3 Billion EV Battery Plant in US
- Battery plant will be located near Hyundai factory in Georgia
- Production of batteries will start as early as the end of 2025
This article is for subscribers only.
South Korea’s Hyundai Motor Group and LG Energy Solution Ltd. will invest 5.7 trillion won ($4.3 billion) to produce electric-car batteries in the US to comply with President Joe Biden’s clean energy tax law, which seeks to encourage domestic production and reduce reliance on Chinese suppliers.
The Hyundai group — which includes Hyundai Motor Co., Kia Corp. and Genesis — and LG Energy will split the investment 50-50, according to a statement Friday. The plant, in Bryan County, Georgia, will have an annual capacity of 30 GWh, enough to power 300,000 electric vehicles, the carmaker said.