Hyundai Motor, LG Energy Will Build $4.3 Billion EV Battery Plant In U.S
Anis
26-5-2023
Hyundai Motor Group and LG Energy Solution of South Korea will invest $4.3 billion to build an electric vehicle (EV) battery plant in the United States, the companies announced on Friday. The Hyundai-LGES plant in Georgia, which will begin construction in the second half of 2023, plans to begin battery production by the end of 2025 at the earliest.
According to Hyundai and LG, it will have an annual production capacity of 30 gigatonne-hours (GWh), enough to support the production of 300,000 EVs each year. Hyundai Motor Group, which includes Hyundai Motor Co and Kia Corp, and LGES will each own 50% of the joint venture.
The move follows new U.S. sourcing requirements for EV battery components and critical minerals in order for car buyers to qualify for up to $7,500 in Inflation Reduction Act (IRA) credits under the Biden administration. Hyundai and Kia vehicles are currently ineligible for tax credits. Source: Reuters
Written By
Anis
Previously in banking and e commerce before she realized nothing makes her happier than a revving engine and gleaming tyres........
JPJ Running Numbers
KUALA LUMPUR
VPC2071
SELANGOR
BSE4645
JOHOR
JXW5396
PULAU PINANG
PRQ3637
PERAK
ANV3682
PAHANG
CFB6691
KEDAH
KGA4275
NEGERI SEMBILAN
NEF7233
KOTA KINABALU
SJK7494
KUCHING
QAB3137L
Last updated 03 May, 2025
Fuel Price
Petrol
RON 95
RM 2.05
RON 97
RM 3.18
RON 100
RM 5.00
VPR
RM 6.23
Diesel
EURO 5 B10
RM 2.88
EURO 5 B7
RM 3.08
Last updated 01 May, 2025
Related News
Next-Gen Hyundai Hybrid Powertrain Promises EV-Like Efficiency
Next-gen Hyundai hybrid powertrain delivers smarter efficiency, smoother shifts, and electric-like versatility.
22-04-2025
Hyundai & Kia Models Will Get Native Google Maps Platform
Hyundai & Kia models will get native Google Maps ahead of shifting to an Android Automotive-based OS later in 2026.
16-12-2024
Second-Gen Hyundai Palisade Debuts as Marque’s New Flagship SUV
The second-gen Hyundai Palisade breaks cover as the ICE-powered counterpart to the flagship Ioniq 9 EV SUV.
09-12-2024
Hyundai Names Jose Muñoz As New CEO
Korean automaker Hyundai installs Jose Muñoz as its new CEO – first non-Korean to helm the role.
19-11-2024
GM, Hyundai Partners Up To Accelerate Innovation and Cost Efficiency
GM partners Hyundai to explore vehicle production and clean energy technologies.
14-09-2024
Hyundai Confirms New 'Ioniq 7' Three-Row EV SUV
Hyundai has confirmed that a new three-row EV SUV, possibly called the Ioniq 7, is slated to debut later this year.
17-07-2024
Hyundai, Kia Expect To Increase Global Sales By 2% In 2024
Hyundai Motor Co and Kia Corp forecast that their combined global sales will rise about 2% in 2024.
05-01-2024
Hyundai Motor’s Brand Value Rose by 18% to $20.4 Billion
According to Interbrand’s ‘Best Global Brands 2023’, Hyundai Motor’s brand value has increased by 18% to $20.4 billion.
22-11-2023
Latest News
Hyundai Sets Another Record-Breaking Sales Month
Hyundai Group achieved record April sales of 81,503 units, a 19% increase from 2024.
02-05-2025
New Aston Martin DBX S Gets Lighter and Faster Than the 707
The Aston Martin DBX super-SUV gains a new flagship S variant, featuring up to 717 HP and weighing 47 KG less.
30-04-2025
Ferrari 296 Speciale Unveiled as an 868 HP-Rated Super-PHEV
The Ferrari 296 gains two new Speciale variants, featuring tons of carbon fibre parts and up to 868 HP of power.
30-04-2025
Trump Administration Offers Relief On Auto Tariffs
Donald Trump signs an order that will exempt domestic auto makers from certain aspects of his massive tariff plan.
30-04-2025
Auto Shanghai 2025: Nissan Frontier Pro Debuts as Brand’s First PHEV
Silently making its global debut at Auto Shanghai 2025 is the new Nissan Frontier Pro—the brand’s first PHEV model.
29-04-2025
Chery Tiggo 4 HEV Detailed – 1.5L CSH with Up to 1,000 KM of Range
We took a closer look at the Chery Tiggo 4 HEV, one of the Chery Super Hybrid models tipped to debut in Malaysia soon…
29-04-2025
Porsche Considers Quitting EVs in China
Porsche may stop producing EVs in China as it struggles with the country's EV market.
29-04-2025
New Chery Omoda C3 Revealed As Global Small Car Offering
New Chery Omoda C3 previewed globally in Wuhu, China, and it’s aimed at competing in the global small-segment market.
28-04-2025
Show More
trending_flat