Hyundai and LG will build a brand new battery factory together. Worth 4 billion euros, it will be located in the United States.
The two car and battery giants signed an agreement in principle during a ceremony in Seoul. This took place at the headquarters of LG Energy Solution, the battery division of the Korean company.
The subject of this ceremony was the formalization of a battery factory, worth 4 billion euros. The two companies will participate equally in the financing of this ‘Gigafactory’.
Indeed, the infrastructure’s battery production will be colossal, with a capacity of 30 GWh each year. Translated into number of cars, Hyundai estimates that this will supply 300,000 cars annually.
The plant will be next to that of Hyundai, in Savannah, Georgia. When the factory was announced at more than 5 billion euros, Hyundai had already announced the annual production of 300,000 cars. We can therefore understand that the batteries will directly equip the vehicles leaving the adjoining factory.
This will allow Hyundai’s electric cars to benefit from Joe Biden’s Inflation Reduction Act. Indeed, the administration of the American President offers 7500 dollars of bonus on the cars manufactured on the American ground. Hyundais will therefore be able to benefit from it, and thus attract more customers.
Read also
Batteries: Stellantis will build a Gigafactory with LG
