Again!  Hyundai and LG Energy are operating the battery plant, worth US.3 billion

Again! Hyundai and LG Energy are operating the battery plant, worth US$4.3 billion

Bisnis.comJAKARTA – Hyundai said they will soon build a battery factory for electric vehicles with a capital of 4.3 billion US dollars.

Reuters Launches, Friday (26/5/2023), automakers must meet new requirements to get electric vehicle battery components and essential materials to buyers of their vehicles to qualify for a tax credit of up to $7,500 under Anti-Inflation Act (IRAs).

Currently, vehicles made by Hyundai Motor Co and Kia Corp are considered ineligible.

Hyundai and LG Energy Solution explained that the construction of the existing factory in the state of Georgia will begin in the middle of this year with the forecast of faster battery production in 2025.

They also explained that the factory is expected to be able to produce up to 30 per year gigawatts and enough for 300,000 electric cars.

LGES and Hyundai Motor Group, which owns Hyundai Motor, Kia and auto parts maker Hyundai Mobis Co Ltd, will own 50 percent of the joint venture.

LGES supplies automakers including Tesla Inc and General Motors Co.

“Two powerful leaders in the automotive and battery industries have joined forces, and together we are poised to drive the EV revolution in America,” LGES CEO Youngsoo Kwon said in a statement.

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