Hyundai Motor Group and LG Energy Solution (LGES) will invest over $4.3 billion to establish an EV battery-cell manufacturing joint venture in Savannah, Ga. The companies will each hold a 50% stake in the JV. The annual production capacity is at 30 GWh, which is able to support the production of 300,000 units of EVs annually. The facility will be located adjacent to Hyundai Motor Group’s Metaplant America, which is currently under construction. Starting construction in the second half of 2023, the joint venture plans to start battery production at the end of 2025 at the earliest.
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. The new facility will help create a stable supply of batteries in the region and allow the company to respond quickly to EV demand in the U.S. market.