Hyundai and LG agree: a 4.3 billion dollar battery factory is being established!

One of the leading manufacturers in the car market Hyundai, LG Energy Solution announced its new partnership with both Korean companies investing $4.3 billion Establishing a new battery manufacturing facility in the United States plans. Here are the details of the new partnership.

Huge investment from Hyundai and LG

It is said that the new facility will be located in Savannah, Georgia, USA, where Hyundai’s first factory is located. The first construction work will start in the second half of 2023 It is expected to start operating by 2025. When it reaches its full capacity, 30GHWh batteries will be produced annually, equivalent to 300,000 electric cars.

According to the statement, Hyundai parts and service division Hyundai Mobiswill be responsible for the packaging phase of the battery cells produced in the factory. These packages will then power Hyundai, Kia, and Genesis electric vehicles. At this stage, Hyundai and LG have agreed to be a joint venture “stable battery supply in the areaIt will also help meet the growing demand for EVs in the US market more quickly.

It should be noted that LG and Hyundai are not the first companies to invest in American battery manufacturing facilities. Because in 2021 Toyotaannounced that it will establish a battery manufacturing plant with an investment of 3.4 billion dollars. Ultium Cells, a joint venture between GM and LG, received a $2.5 billion loan from the United States for the construction of its EV battery facilities. If soon Fordannounced its $3.5 billion investment to set up a lithium iron phosphate battery plant.