HomeFinanceHyundai Motor, LG Energy to Build $4.3 Bln Battery JV in U.S.

Hyundai Motor, LG Energy to Build $4.3 Bln Battery JV in U.S.

By Kwanwoo Jun

Hyundai Motor Group and LG Energy Solution plan to build a $4.3 billion electric-vehicle battery factory in the U.S., strengthening their tie-up overseas to meet growing demand for EVs.

Executives from both sides signed an agreement in Seoul on Friday to construct a 50-50 EV battery cell joint venture in Savannah, Ga., where Hyundai Motor Group will build a new EV factory, the South Korean auto conglomerate said in an emailed statement.

Three Hyundai Motor Group affiliates–Hyundai Motor, Kia and Hyundai Mobis–have jointly invested to secure a combined 50% stake in the JV, which aims to start production at the end of 2025, the statement said.

The JV will have an annual production capacity of 30 gigawatt-hours, enough to produce 300,000 EVs, it said.

The U.S. project would mark the second battery JV between Hyundai Motor and LG Energy, which have been building a separate JV in Indonesia.

Write to Kwanwoo Jun at [email protected]

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