LG Energy Marks Its 7th EV Battery Venture In US, Collaborates With Hyundai Over $4.3B EV Battery Plant

LG Energy Solution (LGES) and Hyundai Motor Co, Ltd HYMTF disclosed an EV battery cell manufacturing joint venture in the U.S. Friday.
LGES and Hyundai Motor inked a deal to produce EV batteries in the U.S., further accelerating the Group's electrification efforts in North America.
Youngsoo Kwon, CEO of LGES, and Jaehoon Chang, President and CEO of Hyundai Motor, personally inked the deal at LGES's headquarters in Seoul.
LGES and Hyundai Motor Group will each hold a 50% stake in the JV, which will involve an investment of over $4.3 billion (KRW 5.7 trillion).
The annual production capacity of the new joint venture is 30 GWh, capable of supporting the production of 300,000 units of EVs annually. The facility will be in Bryan County, Savannah, Georgia, adjacent to Hyundai Motor Group Metaplant America, currently under construction.
Starting construction in the second half of 2023, the joint venture plans to start battery production by the end of 2025.
Hyundai Mobis will assemble battery packs using cells from the plant, then supply them to the Group's U.S. manufacturing facilities to produce Hyundai, Kia, and Genesis EV models.
With this JV, Tesla Inc TSLA supplier LGES has seven battery plants currently operating or being constructed in the U.S.
LGES and Hyundai Motor have long been partners in electrification, having worked on the supplies of EV batteries for vehicles, including Elantra Hybrid, Kona Electric, and IONIQ 6 dedicated EV.
Price Action: HYMTF shares closed lower by 2.99% at $40.50 on Thursday.
Photo via Wikimedia Commons

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