Seoul, May 26, (dpa/GNA) – South Korean car manufacturer Hyundai said on Friday that is had formed a joint venture with LG Energy Solution, a South Korean battery firm, to build an electric battery plant in the US.
The companies will each hold a 50% stake in the joint venture, which will involve an investment of more than $4.3 billion.
The annual production capacity of the new joint venture is at 30 gigawatt hours per year, able to support the production of 300,000 units of electric vehicles annually.
The facility will be in Bryan County, Savannah, in the US state of 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.
GNA