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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Motor Group confirms its plan to secure batteries for U.S. electric vehicles next week.
It will build battery plants in SK On and LG Energy Solutions, South Korean battery companies, and Georgia in the U.S. to respond to the U.S. Inflation Reduction Act (IRA) in earnest.
Hyundai Motor plans to hold a board meeting on the 25th to vote on an investment plan for a joint battery plant in the United States. SK ON is scheduled to hold a board meeting on the 27th. The LG Energy Solution is expected to announce the joint venture as early as next month, while the board's schedule is still undecided.
The joint plant with SK On is known to have an annual capacity of 35GWh. The investment is about 4 trillion won. The joint venture with LG Energy Solutions is also estimated to be of a similar size, but the final size has not yet been confirmed. The two joint ventures are expected to be built near an electric vehicle-only plant built by Hyundai Motor Group in Savannah, Georgia, USA. The joint plant with SK On will be in operation from 2025 and is expected to supply 400,000 batteries to Savannah's new plant annually.
In November last year, Hyundai Motor Group signed a memorandum of understanding (MOU) with SK On to cooperate in supplying batteries for electric vehicles in North America.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
