Hyundai Motor Group and LG Energy Solution officially announced a plan to establish a 50/50 EV battery joint venture in the United States.
The two South Korean companies signed a memorandum of understanding with an intention to build a 30-gigawatt-hour batter factory in Bryan County, Savannah, Georgia, investing over $4.3 billion .the Hyundai Motor Group Metaplant America siteThe annual capacity of 30 GWh is expected to be enough for about 300,000 electric vehicles, which would indicate some 100-kilowatt-hour per battery pack on average.
The Hyundai Motor Group, which besides the Hyundai brand, consists of Kia and Genesis, is preparing for high-volume electric vehicle production in the US: 600,000 units annually just considering the recently announced battery plants. LG Energy Solution noted that the new JV with Hyundai is actually its seventh battery plant project in the US . The total output of those plants is roughly 250-300 GWh annually.
Both companies were partnering on electrification for many years . Another joint battery project is the upcoming plant in Indonesia .joint venture between Hyundai Motor Group and LG Energy Solutionadjacent to Hyundai Motor Group Metaplant America manufacturing capacity : 30 GWh/yearbattery packs to be produced by Hyundai MobisHyundai Motor Manufacturing Alabama factory in Montgomery, Alabama
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