Hyundai Motor Group and LG Energy Solution have signed a memorandum of understanding to produce electric vehicle batteries in America. The new facility will be located in Savannah, Georgia, and will require an investment of $4.3 billion. The plant will feature an annual production capacity of 30 GWh and is expected to produce 300,000 units of EVs annually. Each company will have a 50% stake in the joint venture, and production is expected to begin in 2025. According to Hyundai, cells manufactured in the new facility will be assembled by Hyundai Mobis and supplied to the Group’s U.S. manufacturing facilities.
In a recent quote, Jaehoon Chang, President and CEO of Hyundai Motor Company, said, “Hyundai Motor Group is focusing on its electrification efforts to secure a leadership position in the global auto industry. We will create a strong foundation to lead the global EV transition through establishing a new EV battery cell plant with LG Energy Solution, a leading global battery producer and long-time partner.”
Youngsoo Kwon, CEO of LG Energy Solution, added, “Two strong leaders in the auto and battery industries have joined hands, and together we are ready to drive the EV transition in America. By further advancing our product competitiveness and global operational expertise, LG Energy Solution will commit our best efforts to offering the ultimate sustainable energy solutions to our customers.”
Investing in American Manufacturing - 2023
This map shows where manufacturers are choosing to invest their resources, whether they are building new production facilities or expanding existing plants.