The Group and LGES have long been partners in the field of electrification having worked on the supplies of EV batteries for vehicles, including Elantra Hybrid, Kona Electric, and IONIQ 6 dedicated EV. By ramping up its local production, LGES aims to provide innovative products both in scale and with speed, thereby expediting the clean energy transition in the U.S. With this JV, LGES now has seven battery plants currently operating or being constructed in the U.S., where the company is concentrating most of its resources to expand the production capacity. The new facility will help create a stable supply of batteries in the region and allow the Group to respond fast to the soaring EV demand in the U.S. manufacturing facilities for production of Hyundai, Kia and Genesis EV models. Hyundai Mobis will assemble battery packs using cells from the plant, then supply them to the Group’s U.S. Starting construction in the second half of 2023, the joint venture plans to start battery production at the end of 2025 at the earliest. The facility will be in Bryan County, Savannah, Georgia, adjacent to Hyundai Motor Group Metaplant America, currently under construction. The annual production capacity of the new joint venture is at 30 GWh, able to support the production of 300,000 units of EVs annually. “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.” “Two strong leaders in the auto and battery industries have joined hands, and together we are ready to drive the EV transition in America,” said Youngsoo Kwon, CEO of LG Energy Solution. 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,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “Hyundai Motor Group is focusing on its electrification efforts to secure a leadership position in the global auto industry. The Group and LGES will each hold a 50 percent stake in the JV, which will involve an investment of over USD 4.3 billion (KRW 5.7 trillion). The signing ceremony took place in LGES’s headquarters in Seoul on May 26 with the attendance of Jaehoon Chang, President and CEO of Hyundai Motor Company and Youngsoo Kwon, CEO of LG Energy Solution. and further accelerate the Group’s electrification efforts in North America. Hyundai Motor Group and LGES signed a memorandum of understanding to produce EV batteries in the U.S. SEOUL, – Hyundai Motor Group and LG Energy Solution (LGES) announced an EV battery cell manufacturing joint venture in the U.S. Building the second battery manufacturing JV, the Group and LGES aim to continue strengthening the ties with their long-time partnership in electrification efforts.JV’s battery production aimed to start at the end of 2025 with an annual production capacity of 30 GWh, capable of supporting the production of 300,000 EVs.Total investment amount of over USD 4.3 billion HMG and LGES to take a 50 percent stake respectively.The new battery cell JV will be located in Bryan County, Savannah, Georgia where Hyundai Motor Group Metaplant America is currently being built.
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