LG and Hyundai are building a $4.3 billion EV battery cell factory in the US
that it's spending $3.5 billion to build a lithium iron phosphate battery plant in Michigan. Lithium iron phosphate, which can tolerate more frequent and faster charging, costs less than other battery technologies and could bring down the cost of EVs.
Other companies could follow suit, seeing as the Biden administration is pushing to bring more EV and battery manufacturing to the US. Last year, it launched the, which will give 20 companies $2.8 billion in grants in hopes of encouraging manufacturers to start battery production stateside and making sure that the US won't be heavily dependent on"unreliable foreign supply chains."
Hyundai and LG believe that the new facility can help create"a stable supply of batteries in the region" and allow them"to respond fast to the soaring EV demand in the US market." Hyundai Mobis, the automaker's parts and service division, will be assembling battery packs using cells manufactured in the plant. The automaker will then use those packs for Hyundai, Kia and Genesis electric vehicles.
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