Steel Markets
Hyundai, LG to Build EV Battery Plant JV in Georgia
Written by Laura Miller
May 26, 2023
Hyundai Motor Group and LG Energy Solution are teaming up to build a $4.3-billion battery cell manufacturing plant in Savannah, Ga.
A memorandum of understanding was signed by the two companies on May 26 for a 50/50 joint venture with an annual production capacity of 30 GWh, able to support the annual production of 300,000 units of electric vehicles (EVs), according to a Hyundai press release.
Construction of the new battery plant will begin later this year adjacent to Hyundai’s Metaplant America, which is currently under construction. The $5.54-billion Metaplant will produce Hyundai, Genesis, and Kia EVs, and include a battery manufacturing facility. The Metaplant is expected to begin commercial production in the first half of 2025, while the JV’s battery production is anticipated to begin by the end of 2025.
“Two strong leaders in the auto and battery industries have joined hands, and together we are ready to drive the EV transition in America,” commented LG Energy Solution’s CEO Youngsoo Kwon.
Hyundai is targeting global EV sales of 3.23 million annually by 2030.
By Laura Miller, laura@steelmarketupdate.com
Laura Miller
Read more from Laura MillerLatest in Steel Markets
Worldsteel: Global steel demand flat, but modest rebound forecast for 2026
The World Steel Association (worldsteel) Short Range Outlook for global steel demand predicts that 2025’s steel demand will clock in at the same level as in 2024. In its October report, the Brussels-based association stated that this year’s steel demand will reach ~1,750 million metric tons (mt). The organization forecasts a 1.3% demand rebound in 2026, pushing […]
CRU: China’s indirect steel exports find new destination markets
The boom in China’s direct steel exports has not stopped this year, even with a rise in protectionist measures globally. The increase is driven by...
Great Lakes iron ore cargoes down in September as Cleveland tonnage slips
Iron ore shipments from US Great Lakes ports fell sharply in September, per the latest from the Lake Carriers’ Association (LCA) of Westlake, Ohio.
HVAC equipment shipments down through August
Although total HVAC shipments fell in August, YTD volumes remain relatively strong. Nearly 15 million units were produced in the first eight months of the year, the fourth-highest rate in our 19-year data history.
Sheet market sources slam tariffs for prolonged demand slump
Tariffs are ultimately to blame for stagnant demand in the hot-rolled coil market, domestic market sources tell SMU.