By Kwanwoo Jun
Hyundai Motor Group and LG Vitality Resolution plan to construct a $4.3 billion electric-vehicle battery manufacturing unit within the U.S., strengthening their tie-up abroad to satisfy rising demand for EVs.
Executives from either side signed an settlement in Seoul on Friday to assemble a 50-50 EV battery cell three way partnership in Savannah, Ga., the place Hyundai Motor Group will construct a brand new EV manufacturing unit, the South Korean auto conglomerate mentioned in an emailed assertion.
Three Hyundai Motor Group affiliates–Hyundai Motor, Kia and Hyundai Mobis–have collectively invested to safe a mixed 50% stake within the JV, which goals to start out manufacturing on the finish of 2025, the assertion 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 battery JV between Hyundai Motor and LG Vitality, which have been constructing a separate JV in Indonesia.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
