Hyundai Motor Group and LG Energy Solution have revealed their partnership to establish a new joint venture, aiming to construct a US-based electric vehicle (EV) battery plant in Bryan County, Georgia. The plant will have the capacity to support the production of 300,000 vehicles annually and will require an investment exceeding $4.3 billion. Located near Hyundai’s Metaplant America, the first full-electric vehicle facility being built in the US, the new plant is intended to meet the rising demand for EVs in the US market and ensure a stable battery supply. The battery packs produced at the plant will be used in Hyundai, Kia, and Genesis EV models. Hyundai had previously announced its ambition to become one of the world’s top three EV manufacturers by 2030.
Jaehoon Chang, President and CEO of Hyundai Motor Company, said:
“Hyundai Motor Group is focusing on its electrification efforts to secure a leadership position in the global auto industry. 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.”
This joint venture aligns with the US government’s push for EV adoption, including President Joe Biden’s executive order to achieve a 50% share of zero-emissions vehicles in new vehicle sales by 2030. The recent investment initiatives from major automotive companies like GM, Ford, BMW, Toyota, Honda, and Stellantis in expanding EV and battery capacity further demonstrate the industry’s commitment to this transition. LG Energy Solution, which separated from LG Chem in 2020, has shifted its focus to expanding battery production capacity in the US. With this joint venture, LGES now operates or constructs seven battery plants in the US, including a $4.4 billion partnership with Honda established earlier this year.