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[Alpha Biz=(Chicago) Reporter Kim Jisun] Two years later, Hyundai Motors and LG Energy Solutions will release batteries made in the United States
Hyundai Motor Group and LG Energy Solutions will invest 5.7,000 trillion won to build a battery plant in Georgia, USA. With the aim of operating the plant in 2025, the company will establish a corporation this year and begin construction in the second half of the year.
The two companies announced that they each held a board meeting on the 26th and voted for this. Hyundai Motor CEO Jang Jae-hoon and LG Energy Solutions CEO Kwon Young-soo attended the signing ceremony held at LG Energy Solutions headquarters in Yeouido, Seoul. The two companies hold half of the shares.
The factory is located in Savannah Brian County, Georgia. Nearby, Hyundai Motor Group is building an electric vehicle-only plant (HMGMA) with the aim of completing it by 2025. The new battery plant is expected to produce about 30 gigawatt hours (GWh) of battery cells annually. That's about 300,000 electric cars. The battery cell will be manufactured by Hyundai Mobis as a battery pack and supplied to HMGMA, Hyundai Motor's Alabama plant and Kia's Georgia plant.
The battery alliance between the two companies is not the first. In July 2021, the company signed an investment agreement with the Indonesian government to build a joint battery cell plant with an annual production capacity at the Karawang Industrial Complex for 1.1,700 trillion won (about $ 1.1 billion), which is expected to start mass production as early as the first half of next year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
