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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Motor Group and LG Energy Solutions, South Korea's No. 1 battery maker, will finalize the establishment of a joint U.S. battery plant on the 26th.
For Hyundai Motor Group, it is the second battery supplier in North America after the joint plant with SK On. As a result, Hyundai Motor Group's battery supply chain to target the North American electric vehicle market is expected to be completed in the form of a "triangle alliance" by the end of 2025.
According to the battery and automobile industry on the 23rd, Hyundai Motor Group and LG Energy Solutions will hold a board meeting on the 26th and approve the establishment of a joint venture for battery cells in North America.
The two companies will build a plant in Savannah, Georgia, USA, that can produce 27 gigawatt hours (GWh) and about 230,000 battery cells per year, with the aim of operating at the end of 2025. The two sides will jointly invest about 6 trillion won and hold 50% of the shares.
The battery cells produced at the joint plant will be manufactured as battery packs by Hyundai Mobis and supplied to vehicles made by "Metaplant America," Hyundai Motor Group's first exclusive electric vehicle plant located nearby.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
