Hyundai Motor, LG Power to Construct $4.3 Bln Battery JV in U.S.


By means of Kwanwoo Jun

Hyundai Motor Workforce and LG Power Resolution plan to construct a $4.3 billion electric-vehicle battery manufacturing unit within the U.S., strengthening their tie-up in another country to satisfy rising call for for EVs.

Executives from either side signed an settlement in Seoul on Friday to build a 50-50 EV battery mobile three way partnership in Savannah, Ga., the place Hyundai Motor Workforce will construct a brand new EV manufacturing unit, the South Korean auto conglomerate mentioned in an emailed observation.

3 Hyundai Motor Workforce affiliates–Hyundai Motor, Kia and Hyundai Mobis–have collectively invested to protected a mixed 50% stake within the JV, which goals to begin manufacturing on the finish of 2025, the observation mentioned.

The JV could have an annual manufacturing capability of 30 gigawatt-hours, sufficient to supply 300,000 EVs, it mentioned.

The U.S. venture would mark the second one battery JV between Hyundai Motor and LG Power, that have been construction a separate JV in Indonesia.

Write to Kwanwoo Jun at



Please enter your comment!
Please enter your name here

Share post:


More like this