South Korean companies Hyundai Motor Group and LG Energy Solution said they would spend $4.3 billion to build a factory in Savannah, Georgia, to produce batteries for electric vehicles. It will be located next to the Metaplant AmericaEV factory under construction by Hyundai.
This 50:50 joint venture hopes to start operating by the end of 2025 and achieve an annual production capacity of 30GWh - enough to power 300000 electric vehicles.
