Hyundai and battery maker LG on Friday confirmed the final details for a joint battery joint venture that will be located in Georgia and due to supply batteries for Georgia-made electric vehicles beginning in late 2025.
The total investment of the 50/50 venture will be $4.3 billion, the companies confirmed, and will produce 30 gigawatt hours of batteries annually — to potentially fully support the expected 300,000 electric vehicles. annually from Hyundai’s Georgia EV plant.
The new battery factory won’t just be near where vehicles are assembled; it will be adjacent to the Savannah location that Hyundai announced in 2022 and is calling Metaplant America—a site that is about to begin. Electric vehicles for Hyundai, Genesis and Kia in 2025.
Hyundai Motor Group’s E-GMP Platform
Linked technology supplier Hyundai Mobis will manage the construction of the packages itself using cells from the new factory, and the release on the battery base itself notes that packages using these cells will supplied for the production of electric vehicles by Hyundai, Kia and Genesis in the United States.
Hyundai has yet to confirm which upcoming models will be manufactured at the Georgia assembly plant. Kia has announced that its upcoming EV9 will be built at another plant in Georgia—at West Point, Georgia, beginning in 2024.
With this joint venture, LG will now have a total of seven battery plants operating or under construction in the US, the companies said, “where the company is focusing most of its resources on expanding its production capacity.” export.”
2023 Hyundai Ioniq 5
qualified for full $7,500 EV tax credit with U.S.-made and U.S.-sourced vehicles likely to be a priority here, and it could be driven by the Biden administration’s electric vehicle policy—and of course, Electric vehicle demand soars.
“The new facility will help create a steady supply of batteries in the region and enable the Group to respond quickly to surging demand for electric vehicles in the US market,” the companies said.