The facility will have a production capacity of 30 GWh, capable of supporting the production of 300,000 EVs.
The battery manufacturing facility will be in Bryan County, Savannah, Georgia, adjacent to Hyundai Motor Group Metaplant America, which is currently under construction.To become eligible for the tax rebate, manufacturers in the US should fulfill their new sourcing requirements concerning EV battery components and minerals. Meeting this requirement will enable such EV buyers to avail tax credits of up to $7,500, which is mandated under the Inflation Reduction Act .
The construction of this new facility is planned to begin in the second half of 2023, and the joint venture has scheduled to start production at the end of 2025. This is the second JV concerning these brands when it comes to battery manufacturing. In 2021, both parties began building a facility in Indonesia, and production is anticipated to begin in the first half of 2024.
With the creation of this JV, LGES now has seven battery factories running or being built in the United States, where it is focusing the majority of its efforts on increasing output. LGES wants to deliver cutting-edge products quickly and in large quantities. By doing so, it hopes to hasten the U.S.'s transition to clean energy.
LGES and Hyundai Motor Group have collaborated on the supply of EV batteries for vehicles, including the Elantra Hybrid, Kona Electric, and IONIQ 6 dedicated EVs for a long time. The Hyundai Elantra Hybrid, an LPi hybrid car that debuted in 2009, was the first electric model produced by the Group. The patnership is poised to help the brands to "further strengthen the ties going forward with the EV battery cooperation.
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