HYMLY Hyundai Motor (PK)

By Kwanwoo Jun

Hyundai Motor Group and LG Energy Solution plan to build a $4.3 billion electric-vehicle battery factory in the U.S., strengthening their tie-up overseas to meet growing demand for EVs.

Executives from both sides signed an agreement in Seoul on Friday to construct a 50-50 EV battery cell joint venture in Savannah, Ga., where Hyundai Motor Group will build a new EV factory, the South Korean auto conglomerate said in an emailed statement.

Three Hyundai Motor Group affiliates--Hyundai Motor, Kia and Hyundai Mobis--have jointly invested to secure a combined 50% stake in the JV, which aims to start production at the end of 2025, the statement said.

The JV will have an annual production capacity of 30 gigawatt hours, enough to produce 300,000 EVs, it said.

The U.S. project would mark the second battery JV between Hyundai Motor and LG Energy, which have been building a separate JV in Indonesia.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

May 25, 2023 22:51 ET (02:51 GMT)

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