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Get Rich Or Hyundai Trying

New U.S. agreement for automaker


Hyundai Motor Group and LG Energy Solution announced an EV battery cell manufacturing joint venture in the U.S. May 26.

Hyundai Motor Group and LGES signed a memorandum of understanding to produce EV batteries in the U.S. and further accelerate its electrification efforts in North America. The signing ceremony took place in LGES’s headquarters in Seoul on May 26 with the attendance of Jaehoon Chang, President and CEO of Hyundai Motor Company and Youngsoo Kwon, CEO of LG Energy Solution.


“Hyundai Motor Group is focusing on its electrification efforts to secure a leadership position in the global auto industry. We will create a strong foundation to lead the global EV transition through establishing a new EV battery cell plant with LG Energy Solution, a leading global battery producer and long-time partner,” said Jaehoon Chang, President and CEO of Hyundai Motor Company.


“Two strong leaders in the auto and battery industries have joined hands, and together we are ready to drive the EV transition in America,” said Youngsoo Kwon, CEO of LG Energy Solution. “By further advancing our product competitiveness and global operational expertise, LG Energy Solution will commit our best efforts to offering the ultimate sustainable energy solutions to our customers.”


The annual production capacity of the new joint venture is at 30 GWh, able to support the production of 300,000 units of EVs annually. The facility will be in Bryan County, Savannah, Georgia, adjacent to Hyundai Motor Group Metaplant America, 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.


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