Powering The Future: LG & Hyundai Forge $4.3 Billion Partnership For US EV Battery Cell Factory

ByThe News Desk

LG and Hyundai have announced plans to establish a joint venture and invest $4.3 billion in constructing a new EV battery cell factory in Savannah, Georgia, USA. The facility will be located next to Hyundai’s upcoming all-electric vehicle (EV) plant. The battery plant, expected to start operations no earlier than 2025, will have an annual production capacity of 30 gigawatt-hours (GWh), supporting the manufacturing of approximately 300,000 electric vehicles.

Rising Trend: LG and Hyundai Join US Battery Manufacturing Investments

This collaboration reflects the growing trend of companies investing in battery manufacturing facilities within the United States. Toyota, Ultium Cells (a GM and LG joint venture), and Ford have also made significant investments in battery production in recent years. The Biden administration’s focus on promoting domestic EV and battery manufacturing demonstrated through initiatives like the American Battery Materials Initiative, further encourages industry growth in the country.

By establishing this battery manufacturing facility, LG and Hyundai aim to ensure a stable supply of batteries and efficiently meet the increasing demand for EVs in the US market. Hyundai Mobis, the automaker’s parts and service division, will utilize the battery cells produced at the plant to assemble battery packs for Hyundai, Kia, and Genesis electric vehicles.

Welcome to our brand-new UI website! 🌟 We’re thrilled to have you here, and we hope your experience exploring our sleek and intuitive interface is nothing short of delightful. Our redesigned UI is more than just a visual upgrade – it’s a reflection of our commitment to providing you with an enhanced and enjoyable online journey.

We’ve incorporated the latest design trends and technologies to make your interaction with our website seamless, responsive, and, most importantly, tailored to your needs. Thank you for being a part of our online community. Your presence makes our website come to life, and we look forward to serving you in the best possible way.

Happy exploring! 🚀✨