Jaehoon Chang, President and CEO of Hyundai Motor Company and Youngsoo Kwon, CEO of LG Energy Solution, signed a memorandum of understanding to produce EV batteries in the U.S.

Hyundai Motor Group and LG Energy Solution signed a memorandum of understanding for an electric vehicle battery cell manufacturing joint venture in the US. This is expected to create a new EV power plant in Bryan County, Savannah, Georgia, which is expected to deliver 30 GWh annual production capacity to support 300,000 EV production.

According to the press release, the construction would start in the second half of 2023 and will be adjacent to Hyundai Motor Group Metaplant America, which is currently under construction. Meanwhile, the “earliest” estimated starting timeframe of battery production is set at the end of 2025.

“Hyundai Mobis will assemble battery packs using cells from the plant, then supply them to the Group’s U.S. manufacturing facilities for production of Hyundai, Kia and Genesis EV models,” wrote Hyundai in its press release. “The new facility will help create a stable supply of batteries in the region and allow the Group to respond fast to the soaring EV demand in the U.S. market.”

The two companies will hold a 50 percent stake in the joint venture, translating to over USD 4.3 billion. The venture will also add to LG’s current seven battery plants already operating and being constructed in the US. The news also comes after LG unveiled four new EV charger models as part of its continuous EV battery charger business push. The creations were manufactured by HiEV Charger, formerly AppleMango, which LG, GS Energy, and GS Neotek acquired last year.

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