The South Korean automotive manufacturer and LG Energy Solution are reported to build battery manufacturing facilities in Georgia, each having an annual capacity of nearly 35-gigawatt hours (GWh) to power approximately one million electric vehicles (EVs)
Hyundai Motor, LG Energy Solution to develop two joint venture battery plants in US. (Credit: HappyMidnight/Wikipedia.org)
Hyundai Motor Group and LG Energy Solution are reportedly planning to develop two joint venture (JV) battery plants in the US.
The two companies are considering building battery manufacturing facilities in Georgia with each having an annual capacity of nearly 35-gigawatt hours (GWh) to power approximately one million electric vehicles (EVs), reported Reuters citing a local online news outlet, Dailian.
The news agency reported that the new battery cell manufacturing plants could be located near the South Korean automotive manufacturer’s new EV plant in Georgia, US.
It is said to help Hyundai Motor to meet the US EV subsidy criteria.
In addition, Hyundai Motor and South Korean battery manufacturer SK On are planning to invest about KRW2.5 trillion ($1.87bn) to construct a new JV factory in Georgia, reported Reuters citing a South Korean newspaper.
Earlier in July 2021, Hyundai Motor and LG Energy Solution partnered to invest $1.1bn to build a new EV battery cell manufacturing plant in Indonesia.
Both companies signed a memorandum of understanding (MoU) with the Indonesian government to set up a JV for the plant with each having a 50% ownership stake.
The plant was decided to be located on 330,000m² of land in Karawang.
Recently, Hyundai Motor also broke ground on its new $5.54bn EV and battery manufacturing plant dubbed Metaplant America at the Bryan County Mega site in Georgia, US.
The automotive major expects to commence commercial production at Metaplant America in the first half of 2025 with an annual capacity of 300,000 units.