LG New Energy teamed up with Hyundai to build the third largest battery plant in North America, with a total investment of 3 trillion won

CTOnews.com May 26, according to LG New Energy official news, LG New Energy has signed a joint venture agreement with Hyundai Motor in the United States battery factory, is expected to build a battery plant in Georgia, the earliest will start this year.

▲ Touyuan: Genisseth LG said that the new plant has a planned annual capacity of 30 GWh and can meet the battery needs of 300000 electric vehicles. The joint venture is 50% owned by Hyundai Motor and LG New Energy, each of which will contribute about 1.43 trillion won (CTOnews.com Note: currently about 7.622 billion yuan), and the remaining funds will be raised by issuing corporate bonds and loans. The total investment of the project is about 3 trillion won (currently about 15.99 billion yuan).

CTOnews.com consulted the Brian County notice and learned that construction of the new plant would begin as soon as the second half of this year and go into mass production by 2025.

Hyundai Securities analysts pointed out that the batteries made by the joint venture plant will be mainly aimed at Hyundai, Kia and Genisse cars made in the United States. In April 2023, Hyundai announced the construction of a battery joint venture with SK On in Battle County, Georgia. The battery plant in Brian County will become the third largest battery factory in North America, after Panasonic's Nevada super factory and Kansas super factory built for Tesla.