Hyundai, LGES Plan To Build JV Battery Plants In US: Report

by Shivani Kumaresan, Benzinga Staff Writer

November 28, 2022 5:43 AM | 1 min read |

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.