By Kwanwoo Jun
Hyundai Motor Group and LG Energy Solution devise to build a $4.3 billion electric-vehicle battery bureau in a U.S., strengthening their tie-up abroad to accommodate flourishing direct for EVs.
Executives from both sides sealed an agreement in Seoul on Friday to erect a 50-50 EV battery dungeon corner try in Savannah, Ga., where Hyundai Motor Group will build a new EV factory, a South Korean automobile firm pronounced in an emailed statement.
Three Hyundai Motor Group affiliates--Hyundai Motor, Kia and Hyundai Mobis--have jointly invested to secure a total 50% interest in a JV, that aims to start prolongation during a finish of 2025, a matter said.
The JV will have an annual prolongation ability of 30 gigawatt-hours, adequate to furnish 300,000 EVs, it said.
The U.S. plan would symbol a second battery JV between Hyundai Motor and LG Energy, that have been building a apart JV in Indonesia.
Write to Kwanwoo Jun during kwanwoo.jun@wsj.com
