Hyundai Motor Group and LG Energy Solution (LGES) announced the formation of a new joint venture (JV), with plans to build a U.S. EV battery plant in Bryan County, Georgia, capable of supporting the production of 300,000 vehicles per year, and an anticipated investment of more than USD4.3bn. The new plant will be adjacent to Hyundai’s Metaplant America, its first full-electric vehicle (EV) facility in the U.S., announced last year, and currently under construction. In a statement announcing the JV, Hyundai said that the new facility will help the company “to respond fast to the soaring EV demand in the U.S. market,” and to create a stable supply of batteries in the region. Battery packs assembled using cells from the plant will be supplied for production of Hyundai, Kia and Genesis EV models.

Source: ESGToday