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Hyundai, LG Energy to set up two JV battery plants in US, Dailian reports

According to a Monday report by the news service Dailian, citing an unidentified source, Hyundai Motor Co and LG Energy Solution Ltd are planning to establish two joint venture battery plants in the United States.

The two facilities are expected to be set up in Georgia and each will have an annual capacity of about 35 gigawatt hours, which would be sufficient to power nearly 1 million electric vehicles, the online news outlet said.

The plants will probably be located near Hyundai Motor’s new electric vehicle factory in Georgia, Dailian said, and help the auto maker meet US EV subsidy rules.

Under the US Inflation Reduction Act, from 2023, at least 40% of the monetary value of critical minerals for batteries is required to be from the US or a US free-trade partner in order to qualify for tax credits in the US. The Act envisages that proportion to be increased to 80% in 2027. is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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