Hyundai and LG to build massive $4.3 billion battery plant in US
South Korean Hyundai Motor Group and LG Energy Solution announced today, May 26, the construction of a plant for the production of batteries for electric vehicles in the United States. They will invest $4.3 billion in its construction, each company will own a 50 percent stake in the joint venture.
The plant will be built in the state of Georgia, construction will begin at the end of this year and should be completed no earlier than the end of 2025. The plant will produce batteries with a total annual production capacity of 30 GWh, enough for 300,000 electric vehicles. The facility will be adjacent to a Hyundai, Genesis and Kia electric vehicle plant currently under construction. In December, Hyundai, together with another South Korean company, SK On, announced the construction of another battery plant in the state. Honda and LG Energy Solutions also are building a similar plant in Ohio.
In April, US authorities submitted a package of measures that should promote the spread of environmentally friendly modes of transport. By 2032, two-thirds of the cars sold should be equipped with an electric motor. The US authorities will require manufacturers to release a certain percentage of electric vehicles from all cars in general, and will also stimulate buyers with tax incentives.