SEOUL: South Korean car manufacturer Hyundai said on Friday that it has formed a joint venture with LG Energy Solution, a South Korean battery firm, to build an electric battery plant in the US, reported German news agency (dpa).
The companies will each hold a 50 per cent stake in the joint venture, which will involve an investment of more than US$4.3 billion.
The production capacity of the new plant will be 30 gigawatt hours per year, which will support the production of 300,000 units of electric vehicles annually.
The facility will be located in Bryan County, Savannah, in the US state of Georgia, adjacent to Hyundai Motor Group Metaplant America, currently under construction.
With construction starting in the second half of 2023, the plant will start battery production by the end of 2025. – BERNAMA-dpa
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