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