February 5, 2023

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Hyundai and LG Energy will build two new battery plants in the United States

Hyundai managed to conquer an important segment of the US market Thanks award winning IONSQ5 But now, ironically, he risks faltering after agreeing toInflation Reduction Actthat occurred in August.

Hyundai LG

The bill required by the Biden presidency was born of will Stimulate and accelerate the adoption of electric vehicles in the United Statesand includes strict requirements for the purchase of batteries and assembly of electric vehicles.

Hyundai LG

requirements, at present, Hyundai doesn’t have it.

Thus, the South Korean House, according to some Asian media, will be Planning to build two new plants, in a joint venture with LG Energy Solutions.

The automaker already has assets An important production center on American soil, more precisely in Bryan County, GeorgiaWhich cost $ 5.5 billion and opened about a month ago. The facility is the largest in the federal state and will produce almost at full capacity 300,000 cars a year.

The Korean Economic Daily said so last week Hyundai and SK On They are discussing the possibility of obtaining a 50/50 stake in the financing of the electric vehicle battery factory from $1.9 billion in the United States.

Hyundai LG

For the South Korean company, this will be just the beginning, since, according to rumors, Hyundai has also established contacts with it LG Energy Solutions will install two more battery plants in Georgia, Close to the recently opened production site.

It is said that both of these last two plants With an annual capacity of about 35 gigawatt-hours, or enough to power about one million electric cars.

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These important investments will serve Asian House to achieve its goal of existence 7% of the global electric vehicle market by the end of the decade, with 1.87 million electric vehicles sold.