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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Motor Group and LG Energy Solutions will establish a joint battery plant in the United States worth 300,000 units a year.
Hyundai Motor Group, which has decided to cooperate with SK On and LG Ensol, will increase its North American electric vehicle battery supply line to 600,000 units.
The joint venture is located in Savannah, southeastern Georgia, USA. It is near Hyundai Motor's electric vehicle plant "HMGMA," which started construction last year.
The two companies will invest 5.7 trillion won to mass-produce about 300,000 battery cells of 30 gigawatt hours (GWh) per year and electric vehicles. Construction will begin in the second half of this year and the goal is to start production by the end of 2025.
The battery cells produced are manufactured by Hyundai Mobis as battery packs and supplied to Hyundai Motor and Kia's North American plants (Hyundai Motor's Savannah and Alabama plants, Kia's Georgia plants).
A month ago, Hyundai Motors first announced a joint venture with SK On in North America. It is also planning to set up a 35GWh plant in the same Georgia with the aim of operating in the second half of 2025.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
