LG New Energy and Hyundai Motor Group sign a memorandum of understanding to invest more than US$4.3 billion

According to news on May 29, LG New Energy and Hyundai Motor Group have announced the establishment of a joint venture to produce batteries in the United States and plan to build a battery factory in Bryan County, Savannah, Georgia. The news was officially announced at a ceremony held at the LG New Energy headquarters last Friday. Representatives from both parties were Kwon Young-soo, CEO of LG New Energy, and Jaehoon
Chang, CEO and President of Hyundai Motor Company. The two parties signed a memorandum of understanding.

1. Joint venture investment and shares

According to LG New Energy’s official website, the joint venture will invest more than 4.3 billion US dollars, with LG New Energy and Hyundai Motor each holding 50% of the shares.

2. Georgia Battery Factory

The joint venture will build a battery factory in Georgia with an estimated annual production capacity of 30GWh, which can meet the production needs of 300,000 electric vehicles.

3. Echoing Hyundai Motor Group’s super-large factory plan

The construction of the battery factory will provide local battery supply for the super-large factory being built by Hyundai Motor Group in Georgia.

4. Construction and production schedule

The battery factory is expected to start construction in the second half of this year, and plans to start battery production as soon as the end of 2025.

5. Significance of cooperation

This cooperation will strengthen LG New Energy’s position in the electric vehicle market and provide Hyundai Motor Group with a stable supply of batteries, helping to promote the development of the electric vehicle industry.

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