Hyundai Motor Group and LG New Energy announced on Friday that they will jointly invest 5.7 trillion Korean won to build an electric vehicle battery factory in the United States, with each company accounting for half of the investment.
The new factory will be located in Bryan County, Georgia, USA, with an expected annual production capacity of 30 gigawatt hours (gwh), sufficient to provide batteries for 300000 electric vehicles.
The construction of the factory is expected to begin in the second half of 2023, with production expected to begin as early as the end of 2025.
Hyundai Motor has previously announced plans to jointly invest $5 billion with SK on to build another battery factory in Georgia. Its subsidiary Hyundai Mobis Co. will produce battery packs for electric vehicles produced by Hyundai Motor at its new factory in Georgia.
