Hyundai, LG Energy weigh building battery plants in US Georgia

Robert Besser
01 Dec 2022, 01:43 GMT+10

Online news outlet Dailian has reported that South Korean companies Hyundai Motor Co and LG Energy Solution Ltd could build two joint venture auto battery plants in the U.S.
Under the proposed plan, plants would be built in Georgia, with each having an annual capacity of about 35 gigawatt hours
The new factories were likely to be located near Hyundai Motor Group's new EV plant in Georgia, and would help the company meet U.S. EV subsidy rules

SEOUL, South Korea: Online news outlet Dailian has reported that South Korean companies Hyundai Motor Co and LG Energy Solution Ltd could build two joint venture auto battery plants in the U.S.

Under the proposed plan, plants would be built in Georgia, with each having an annual capacity of about 35 gigawatt hours (GWh), Dailian stated.

The new factories were likely to be located near Hyundai Motor Group's new EV plant in Georgia, and would help the company meet U.S. EV subsidy rules.

Meanwhile, Hyundai Motor and SK On, the battery unit of energy group SK Innovation Co Ltd, were reported to be planning to invest some $1.87 billion to also build a new joint venture factory in Georgia.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Jamaican Times.

More Information

28 ℃

Fair in Kingston

Business

Section

Tech stocks lead U.S. markets rally, Nasdaq Composite climbs 191 points

NEW YORK, New York - A slowing of wages growth in the fourth quarter, as reported by the Labor Department, ...

Profits down 9% at American Express due to late customer payments

NEW YORK CITY, New York: As it sets aside more funds to cover potentially bad loans, American Express announced that ...

UK airline Flybe goes out of business, cancels all flights

LONDON, England: Flybe, a British regional airline, abruptly closed operations on January 28. The airline offered flight to Belfast, Birmingham ...

Mobileye forecasts higher revenue in 2023

JERUSALEM, Israel: As demand for its driver-assistance technology rises among vehicle-makers, Mobileye Global is forecasting revenues for the 2023 fiscal ...