- The new battery cell JV will be based in Bryan County, Savannah, Georgia where Hyundai Motor Group Metaplant America is currently being built
- total investment amount from over $4.3 billion; LGES and HMG each take over 50 percent of the shares
- The JV’s battery production is expected to start by the end of 2025 with an annual production capacity of 30 GWh and support the production of 300,000 electric vehicles
- Establishment of the second joint venture for battery production, LGES and Hyundai Motor Group look to further strengthen their relationship as part of their longstanding partnership in electrification efforts
Seoul, South Korea, May 26, 2023 /PRNewswire/ — LG Energy Solution (LGES) and Hyundai Motor Group today announced a joint venture to manufacture battery cells for electric vehicles in the United States.
LGES and Hyundai Motor Group have signed a memorandum of understanding to produce batteries for electric vehicles in the US and further accelerate the group’s electrification efforts North America. The signing ceremony took place at the LGES headquarters in Seoul At May 26 with the presence of Youngsoo KwonCEO of LG Energy Solution and Jaehoon ChangPresident and CEO of Hyundai Motor Company.
LGES and Hyundai Motor Group will each own 50 percent of the joint venture, representing an investment of over 30 percent $4.3 billion (5.7 trillion KRW).
“Two powerful leaders in the auto and battery industries have joined forces, and together we are poised to power America’s EV transition,” he said Youngsoo Kwon, CEO of LG Energy Solutions. “By further improving our product competitiveness and global operations expertise, LG Energy Solution will do its best to provide our customers with the ultimate sustainable energy solutions.”
“Hyundai Motor Group is focused on its electrification efforts to secure a leadership position in the global automotive industry. We will lay a strong foundation to drive the global EV transition by building a new EV battery cell factory together with LG Energy Solution, a world-leading battery company.” Producer and long-term partner, “…