South Korea’s Hyundai Motor Group and LG Energy Solution said on Friday they will invest 5.7 trillion won ($4.3 billion) in a battery cell plant in the United States, with an aim to begin operations in 2025.
The two companies will set up a 50:50 joint venture within this year to build the plant with an annual capacity of 30 gigawatt-hours near Hyundai Motor Group’s dedicated electric vehicle (EV) and battery plant under construction in Georgia, they said in separate statements.
The joint company will supply battery cells for EVs manufactured at Hyundai Motor Co.’s Alabama plant, its smaller affiliate Kia Corp.’s Georgia plant, and the upcoming dedicated EV and battery plant named the Hyundai Motor Group Metaplant America (HMGMA),