LG and Hyundai to invest $4.3 billion in US EV battery plant
Korean companies LG and Hyundai have announced a partnership to establish a new electric vehicle (EV) battery cell manufacturing plant in the United States. The joint venture, solidified by a memorandum of understanding, will involve an investment of $4.3 billion, with each company holding a 50 percent stake. Construction of the facility is scheduled to commence in the second half of 2023.
The battery plant will be situated in Savannah, Georgia, where Hyundai is already in the process of constructing its first all-EV factory in the US. The collaborative manufacturing facility is projected to become operational no earlier than 2025. Once operating at full capacity, it will have an annual battery production capacity of 30 gigawatt-hours (GWh), equivalent to supporting the manufacture of 300,000 electric vehicles.