By Kwanwoo Jun
Hyundai Motor Group and LG Energy Solution plan to build a $4.3 billion electric-vehicle battery factory in the U.S., strengthening their tie-up overseas to meet growing demand for EVs.
Executives from both sides signed an agreement in Seoul on Friday to construct a 50-50 EV battery cell joint venture in Savannah, Ga., where Hyundai Motor Group will build a new EV factory, the South Korean auto conglomerate said in an emailed statement.
Three Hyundai Motor Group affiliates–Hyundai Motor, Kia and Hyundai Mobis–have jointly invested to secure a combined 50% stake in the JV, which aims to start production at the end of 2025, the statement said.
The JV will have an annual production capacity of 30 gigawatt-hours, enough to produce 300,000 EVs, it said.
The U.S. project would mark the second battery JV between Hyundai Motor and LG Energy, which have been building a separate JV in Indonesia.
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This article was originally published by Marketwatch.com. Read the original article here.