The construction of Hyundai-LGES factory in Georgia is expected to begin during the latter part of 2023, with battery manufacturing set to begin by the end of 2025.
Hyundai and LG have said that its annual manufacturing capacity of 30 GWh would be sufficient to enable the yearly manufacture of 300,000 EVs.
Both Hyundai Motor Group (which includes Korean sisters Hyundai Motor Co & Kia Corp) and LGES will own 50% of the new company.
This change is in response to the Inflation Reduction Act (IRA) passed by the Biden administration, which mandates that certain components of electric vehicle batteries and essential minerals be sourced from the United States if car purchasers are to be awarded the maximum credit of $7,500.
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