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

  • Hyundai Motor Company 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 ReadHyundai 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 ReadHyundai's Electric Vision: $18B Investment Paves Way for Company's Commitment To Electric Cars
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