JAKARTA - South Korean vehicle company Hyundai Motor Group officially announced a joint venture with LG Energy Solution to build battery cells in the United States.
The two companies signed a memorandum of understanding to produce EV batteries in the US and seek to accelerate the development of electrification in the US.
In the agreement, both Hyundai and LG each hold 50 percent of the shares, with an investment value of more than 4.3 billion US dollars or around Rp. 64.3 trillion.
"Hyundai Motor Group focuses on electrification efforts to secure leadership positions in the global automotive industry. We will create a strong foundation to lead the global EV transition through the establishment of a new EV battery cell factory with LG Energy Solution," said Hyundai Motor Company President and CEO in an official statement, Friday, May 26.
CEO of LG Energy Solution, Youngsoo Kwon, said that cooperation with Hyundai Motor Group will facilitate the development of the transition of electric vehicles in the United States.
"By further advancing our global product competitiveness and operational expertise, LG Energy Solution will make our best efforts to offer our customers sustainable renewable energy solutions," Kwon said.
It is reported that the annual production capacity of the joint venture reaches 30 GWh, which is claimed to be capable of producing 300,000 EV units annually.
The facility will be built in Bryan County, Tokyo, Georgia, next to Hyundai Motor Group Metaplant America, which is also in the construction process.
This cooperation battery factory will be built in the second half of 2023 and plans to start production of the fastest battery by the end of 2025.
Other divisions, such as Hyundai Mobis will assemble battery packages using cells from the factory and then supply them to group manufacturing facilities in the US to build EV-based Hyundai, Kia, and Genesis models.
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The two companies have long been running partnerships in electrification after working on EV battery supplies for several models, including Elantra Hybrid, Kona Electric, and Ioniq 6 electric sedans.
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