Hyundai, LG announce US EV battery production facility to produce 300,000 units per year
Hyundai Motor Group and LG Energy Solution have announced a joint venture to create a battery manufacturing facility in the US. The new facility will be located in Georgia, and production is expected to start at the end of 2025. It's expected that the new cell production will provide stable supply for Hyundai, Kia, and Genesis electric vehicles destined for the US market and could result in significant price cuts for US EV customers.
Hyundai Motor Group and LG Energy Solution are set to start construction on a new US battery manufacturing joint venture that will see a new battery manufacturing facility constructed in the state of Georgia. The new battery facility will be located next to Hyundai Motor Group's Metaplant America that is currently under construction. The joint battery plant will begin construction in late 2023, with battery production slated for the end of 2025 at best.
The new battery manufacturing joint venture will supply Genesis, Hyundai and Kia production lines, with an expected total output of 30 GWh — enough to make 300,000 electric vehicles — per year once it's up and running. It's unclear what prompted the move to open a plant in the US, but it's safe to say at least part of the blame lies with the new US tax incentives for locally-produced electric vehicles and EV battery packs.
Even if the US tax incentives are removed, increased production capacity will likely alleviate demand and improve EV pricing in the US, leading to increased adoption rates.
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