South Korea’s Hyundai Motor Group and LG Energy Solution Ltd. plan to invest 5.7 trillion won ($4.3 billion) to build an electric vehicle (EV) battery plant in the United States as part of a push to “drive the EV transition in America” and take advantage of tax credits provided by the Inflation Reduction Act (IRA).
The two companies signed a memorandum of understanding to produce EV batteries in the United States and “further accelerate Hyundai’s electrification efforts in North America,” on May 26, according to a statement.
Hyundai and LGES will each hold a 50 percent stake in the joint venture.
The new plant will be located in Bryan County, Savannah, Georgia where Hyundai Motor Group Metaplant America is currently being built and will have an annual capacity of 30 GWh, enough to power 300,000 electric vehicles, the carmaker said….