- Hyundai Motor Company HYMTF plans to build two joint venture battery plants in the U.S. with LG Energy Solution Ltd.
- The proposed plants will be built in Georgia, located near the automaker’s new EV plant, to help meet U.S. EV subsidy rules, Reuters reported.
- Each plant is expected to have an annual capacity of about 35 gigawatt hours (GWh).
- The battery facility will be able to power about 1 million electric vehicles.
- The move comes as the U.S. Inflation Reduction Act mandates 40% of minerals used for batteries should be sourced from the U.S. starting 2023.
- Also Read: Hyundai Motor And SK On Plan To Build $1.9B JV Plant In US
- Price Action: HYMTF shares closed higher by 5.20% at $30.51 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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