Hyundai Motor, LG Energy Will Build $4.3 Billion EV Battery Plant In U.S
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
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