SME Times is powered by   
Search News
Just in:   • South Korea's current account surplus widens amid US tariff pressure  • SEBI bars US firm Jane Street from Indian markets, directs it to deposit Rs 4,843 crore  • India will soon be world’s third-largest economy: PM Modi  • India’s chemical sector can reach $1 trillion by 2040, create 7 lakh jobs by 2030: NITI Aayog  • Intense talks continue to reach interim India-US trade deal ahead of deadline 
Last updated: 26 May, 2023  

Hyundai.9.Thmb.jpg Hyundai Motor, LG Energy Solution to invest $4.3 bn in US battery plant

Hyundai.9.jpg
   Top Stories
» SEBI bars US firm Jane Street from Indian markets, directs it to deposit Rs 4,843 crore
» Intense talks continue to reach interim India-US trade deal ahead of deadline
» India poised to become 3rd-largest economy by 2030, overtaking Germany: Hardeep Puri
» India's industrial production registers 1.2 per cent growth in May
» Govt committed to building safe and smart energy future: Minister
IANS | 26 May, 2023
South Korea's Hyundai Motor Group and LG Energy Solution said on Friday they will invest 5.7 trillion won ($4.3 billion) in a battery cell plant in the United States, with an aim to begin operations in 2025.

The two companies will set up a 50:50 joint venture within this year to build the plant with an annual capacity of 30 gigawatt-hours near Hyundai Motor Group's dedicated electric vehicle (EV) and battery plant under construction in Georgia, they said in separate statements.

The joint company will supply battery cells for EVs manufactured at Hyundai Motor Co.'s Alabama plant, its smaller affiliate Kia Corp.'s Georgia plant, and the upcoming dedicated EV and battery plant named the Hyundai Motor Group Metaplant America (HMGMA), reports Yonhap news agency.

"Hyundai Motor Group is shifting its focus to electrification and aims to become a leader in the global EV market based on the battery cell plant project," Hyundai Motor President and CEO Chang Jae-hoon said in a statement.

Their joint investment comes as the Inflation Reduction Act (IRA), signed into law by U.S. President Joe Biden in August, requires EV batteries to be made with a certain proportion of minerals mined or processed in the U.S. or countries or regions that have free trade agreements with Washington.

The IRA gives up to $7,500 in tax credits to buyers of EVs assembled only in North America, sparking concerns that Hyundai Motor and Kia could lose ground in the U.S. market, as they make most of their EVs at domestic plants for export to the U.S.

In October, Hyundai Motor Group began the construction of a 300,000-unit-a-year EV and battery plant in Georgia, aiming to begin commercial production in the first half of 2025.

Early this year, Hyundai Motor began to produce the all-electric GV70 SUVs under its independent Genesis brand at the Alabama plant.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter