Hyundai and LG Energy Solution Setup JV For Cell Manufacturing For EVs

Hyundai Motor Group and LG Energy Solution (LGES) announced an EV battery cell manufacturing joint venture in the U.S. Hyundai Motor Group and LGES signed a memorandum of understanding to produce EV batteries in the U.S. and further accelerate the Group’s electrification efforts in North America. The signing ceremony took place in LGES’s headquarters in Seoul

The Group and LGES will each hold a 50 percent stake in the JV, which will involve an investment of over USD 4.3 billion

Jaehoon Chang, President and CEO of Hyundai Motor Company said, “We will create a strong foundation to lead the global EV transition through establishing a new EV battery cell plant with LG Energy Solution, a leading global battery producer and long-time partner,”

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.

Starting construction in the second half of 2023, the joint venture plans to start battery production at the end of 2025 at the earliest.