Hyundai Motor Group and South Korea-based battery manufacturer LGES have signed an MOU to produce EV batteries in the US at a location in Bryan County, Georgia, adjacent to Hyundai’s Metaplant America currently under construction.

Hyundai and LGES will each hold a 50% stake in the JV, which will involve an investment of more than $4.3 billion. According to the companies, annual production capacity is expected to be 30 GWh, enough to support annual production of 300,000 EVs.

Construction is slated to start in the second half of 2023. Battery production could begin by the end of 2025. The batteries will be used by Hyundai’s US manufacturing facilities for production of Hyundai, Kia and Genesis EV models.

“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 Kwan, CEO of LG Energy Solution.

Source: Hyundai