The Hyundai Group and LG Energy Solution will jointly produce batteries for electric cars in the United States. In fact, the two companies have signed a memorandum of understanding to set up a joint venture that will take care of the of the production of accumulators. For the Korean group, this is a further step forward in its growth strategy on the American market. In addition, the new plant that the joint venture will go to; to realize will allow & agrave; the Hyundai Group to have a stable supply of accumulators for the electric cars it will produce; in America.
The Hyundai Group and LG Energy Solution will each have a 50% stake in the Joint Venture, which will see an investment of more than 4.3 billion dollars (about 4 billion euros). The new factory will be; located in Bryan County, Savannah, Georgia, near the Hyundai Motor Group Metaplant America, currently under construction.
Once up and running, capacity will increase. annual of the factory will be; of 30 GWh(enough for 300,000 electric cars). Production of the batteries is not expected to start before 2025. Hyundai Mobis will assemble the new battery. the battery packs using the cells of the plant and will supply them to the Group's manufacturing facilities in the United States for the production of EV models from Hyundai, Kia and Genesis.
As a result of this new project, LG Energy Solution now has seven battery plants currently in operation or under construction in the United States. The two companies have been partners for some time. In fact, LG Energy Solution is already in business. supplies batteries for Elantra Hybrid, Kona Electric and IONIQ 6 models. have started a JV to build cells in Indonesia, with a plant expected to start production in the first half of the year. of 2024.
The two companies make it known that they want to further consolidate their ties in the future through close cooperation on the front of batteries for electric cars. Hyundai Group's future electric cars will be eligible for a $7,500 Inflation Reduction Act (IRA) tax credit with this new battery plant strong>which provides for very specific requirements on the place of production not only for cars but also for batteries. At the moment, in fact, the electric cars of the Hyundai Group cannot access this concession because do not meet the requirements of domestic production. Jaehoon Chang, President and CEO of the Hyundai Group, commented:
Hyundai Motor Group is banking on electrification to secure a leading position in the global automotive industry. We will create a strong foundation to lead the global EV transition through the establishment of a new EV battery plant with LG Energy Solution, a world-leading battery manufacturer and longtime partner.
Youngsoo Kwon, CEO of LG Energy Solution, added:
Two important leaders of the automotive and battery industries have come together, and together we are ready to lead the EV transition in America. Further advancing our competitiveness – and our global operational experience, LG Energy Solution will make every effort to help you. to the maximum to offer its customers the most sustainable energy solutions; advanced.
The one with LG Energy Solution is not; the only Joint Venture that the Korean Group has set up in the United States with the aim of producing batteries for electric cars. In fact, Hyundai will build a new car. a factory for accumulators also with SK On.
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