LG Ensol-Hyundai Motor North American battery joint venture official

second after Indonesia.

LG Energy Solutions will build an electric car battery joint venture plant in the United States with Hyundai Motor Group. The establishment of a joint venture with Hyundai Motor Group is the second after the joint venture for battery cells in Indonesia in 2021.

LG Energy Solutions announced on the 26th that it held a ‘North American battery joint venture contract signing ceremony’ at its headquarters in Yeouido, Seoul, attended by Hyundai Motor Company CEO Jang Jae-hoon and LG Energy Solutions Vice Chairman Kwon Young-soo.

The joint plant will be built in Savannah Bryan County, Georgia, USA, where HMGMA (Hyundai Motor Group Metaplant America), an electric vehicle-only plant under construction by Hyundai Motor Group with the goal of completion in 2025, is located. The production scale is about 30 gigawatt hours (GWh), which is enough to produce about 300,000 high-performance pure electric vehicles.

The two companies plan to complete the joint venture establishment process soon and start construction of the plant in earnest from the second half of this year. It aims to start operation by the end of 2025 at the earliest. The total investment amount is 5.7 trillion won (more than $4.3 billion), and each company holds a 50% stake in the joint venture.

The battery cells produced at the joint plant will be produced by Hyundai Mobis as battery packs and then supplied to all electric vehicles produced by Hyundai Motor Group’s US plants, including HMGMA, Hyundai Motor’s Alabama plant and Kia’s Georgia plant.

Through this collaboration with Hyundai Motor Group, which is expanding its influence in the North American electric vehicle market based on its unrivaled product competitiveness and active electrification strategy, LG Energy Solutions further strengthens its market competitiveness in North America, a key strategic market, and expands its customer portfolio. We plan to expand further.

LG Energy Solutions and Hyundai Motor Group are currently building a 10GWh joint battery plant in the Karawang Industrial Complex in Indonesia. Established to target the ASEAN electric vehicle market and secure leadership in the global electric vehicle market, mass production is set to begin in earnest in the first half of next year.

Kwon Young-soo, vice chairman of LG Energy Solutions, said, “Hyundai Motor Group, a powerhouse in the global automobile industry, and LG Energy Solutions, a leader in the battery industry, will join hands to lead the North American electric vehicle market.”

The Elec = Reporter Suhwan Lee [email protected]

《THE ELEC, a specialized media in the field of semiconductor, display, battery, automotive electronics, and ICT parts》

Copyright © THE ELEC, a media specializing in electronic components. Unauthorized reproduction and redistribution prohibited.