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
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