Hyundai, LG Energy Solution Launch Battery Cell Manufacturing JV In US With $4.3B Investment

Hyundai Motor Company (OTC:HYMTF) and LG Energy Solution (LGES) announced an EV battery cell manufacturing joint venture in the U.S.
Hyundai Group and LGES will each hold a 50% stake in the JV, which will involve an investment of over $4.3 billion (KRW 5.7 trillion).
The annual production capacity of the new joint venture is at 30 GWh, able to support the production of 300,000 units of EVs annually.
The facility will be in Bryan County, Savannah, Georgia, adjacent to Hyundai Motor Group Metaplant America, currently under construction.
Also Read: Hyundai Establishes Battery Cell JV In US; Posts 25% Growth In Q1 Revenue
Starting construction in the second half of 2023, the joint venture plans to start battery production at the end of 2025 at the earliest.
Hyundai Mobis will assemble battery packs using cells from the plant, then supply them to the Group's U.S. manufacturing facilities for production of Hyundai, Kia and Genesis EV models.
"Hyundai Motor Group is focusing on its electrification efforts to secure a leadership position in the global auto industry," said Jaehoon Chang, President and CEO of Hyundai Motor Company.
Price Action: HYMTF shares closed lower by 2.99% at $40.50 on Thursday.
Also Read: Hyundai's Electric Vision: $18B Investment Paves Way for Company's Commitment To Electric Cars