Hyundai, LG to set up EV battery factory in Georgia

SEOUL, May 30 (UPI) -- South Korean automaker Hyundai Motor announced it is partnering with electric vehicle battery manufacturer LG Energy Solution to build a plant in the United States.

Under the partnership, announced Friday, the companies are slated to invest more than $4.3 billion into building a facility with an annual capacity of 30 GWh, enough to make 300,000 electric vehicles.

The factory, to be located in Savannah, Ga., will supply batteries to regional EV factory production lines for Hyundai and its sister company Kia.

Hyundai operates a factory in neighboring Alabama, while Kia has another in Georgia. Hyundai Motor Group's Metaplant America is also expected to be completed in Georgia by 2025.

The construction on the battery plant is expected to start later this year, with the expected as soon as the end of 2025.

LG Energy Solution has been expanding its manufacturing presence in the United States, with seven battery plants in operation or under construction.

"Hyundai Motor Group is focusing on electrification efforts in order to secure a leadership position in the global auto industry," Hyundai Motor CEO Chang Jae-hoon said in a statement.

"The establishment of a new EV battery cell plant with LG Energy Solution, a leading battery manufacturer and our longtime partner, will help us build a strong foundation and allow us a smooth transition in the global EV race," he said.

LG Energy Solution CEO Kwon Young-soo also expressed optimism about the coming venture.

"Two strong leaders in the automobile and battery industries have joined hands, and together we are ready to drive the EV transition in America," he said.