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.
Check out other news and articles on Google News
Related posts:
Foxtron: Foxconn makes cars
10 points to anyone looking for a used one
Hyundai Motor Group and LG Energy Solution to Establish a Joint Venture for the Manufacturing of Battery Cells in the United States.
Why Mercedes wants a “Silicon Valley-style” headquarters.
16 Most Expensive Sports Cars in the World in 2023 –
The new 2023 Kia EV9 will get a high-performance GT variant
Weekly highlights: Hyundai, Volks and Honda PcD prices, Nivus 2023 full review and more.
Check out the new Hyundai Kona Electric
LGES and Stellantis halt construction of EV battery plant in Ontario
The number of vehicles in traffic increased by 176,000 662
The number of registered vehicles decreased in April
Features that would make the EV9, Kia’s electric SUV, successful in Brazil
Record profits prompt Kia to increase sales of electric vehicles
Porsche has launched its new Formula E car
The number of registered vehicles decreased in April
List of Latest Car Releases in 2023
New collaboration between Hyundai Motor and Sony Pictures in the new movie “Spider-Man: Across the Spider-Verse”
The presence of the Pony Coupe concept car from Hyundai Motor is celebrated again at the Hyundai Reunion
Kia XCeed stock price changes
Hyundai Launches Hyundai Yos Sudarso Medan, North Sumatra as 129th Dealer
Will LG Pull Out of EV Battery Project? This was said by Erick Thohir
Hyundai launches robot for automatic charging of electric vehicles
10 Fastest Cars in the World, Capable of Penetrating 489 km per hour
technical sheet, price and serial items
technical sheet, price and serial items
Meet the crab car!!! – Portal GCMAIS
The number of registered vehicles decreased in April
Mazda Motor Corporation for great participation in the “Hiroshima Pride Exhibition”
The adoration of the Hyundai theme: Is it irresistible? | Editorial
May the price in the sale of cars without SCT will create a queue for dealers! Kia models without SCT are sold for 260 thousand liras
