Hyundai Motor Group and LG Energy Solution have announced their partnership to build an EV battery cell manufacturing Joint Venture in the U.S today. The battery cell plant received a total investment of over $4.3bn, in which Hyundai and LG will respectively hold a 50 percent stake each.
The plant is due to begin battery production at the end of 2025 in Savannah, Georgia, with an annual production capacity of 30 GWh. This means that the battery cell plant will be capable of supporting the production of 300,000 EVs per year. By securing the deal, Hyundai and LG strengthen ties in their long-time partnership to boost their electrification efforts.
President and CEO of Hyundai Motor Group, Jaehoon Chang, said:
“Hyundai Motor Group is focusing on its electrification efforts to secure a leadership position in the global auto industry. 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 companies both signed a memorandum of understanding to produce EV batteries in the U.S. and further accelerate the electrification efforts in North America. The memorandum signing took place at LG’s headquarters in Seoul today.
Hyundai Mobis will assemble battery packs using cells from the plant and supply them to U.S. manufacturing facilities for production of Hyundai, Kia and Genesis EV models. The new facility will help create a stable supply of batteries in the region and allows the partnering companies to promptly respond to the soaring EV demand in the U.S. market.
Hyundai Motor Group will be attending out annual MOVE LONDON event this coming June. To hear them speak about all-things mobility and meet them there, buy your tickets to the event here.
