Hyundai Motor Group and LG Energy Solution have partnered to build a $4.3 billion electric vehicle (EV) battery plant in the United States.
The joint venture, named LG Energy Solution Hyundai Motor Group, will invest in the plant over the next 10 years and will be located in Georgia. It will produce a range of EV batteries, from small cells used in shorter-range passenger electric vehicles to larger cells used for longer-range and heavy-duty EVs.
The Hyundai investment is part of its goal to invest over $7 billion into its EV operations by 2025. The investment is also indicative of the Korean giant’s emphasis on the future of EVs, with the intention to launch 44 total green car models by 2025.
The partnership between Hyundai and LG Energy Solution is also part of the two companies’ commitment to foster the US EV industry. LG Energy Solution has a long-term goal of providing batteries to the top three EV original equipment manufacturers (OEMs) in the US by 2025. The new joint venture is expected to create up to 10,000 jobs in Georgia and to begin battery production by 2022.