“We will build a strong foundation to lead the global EV transition by setting up a new EV battery cell plant with LG Energy Solutions,” said Jaehoon Chang, CEO of Hyundai Motor Company. statement.
Automakers and EV battery makers alike are racing to invest in North America in order to receive tax credits provided by Biden’s landmark climate change bill, the Inflation Reduction Act. Carmakers are also seeking to diversify their supply of EV batteries, a market dominated by China’s contemporary Ampirex Technology Co Ltd.
Hyundai is planning to invest $5 billion on another battery plant With SK On Company in Georgia. Affiliated Hyundai Mobis Co. will make battery packs to supply EVs built at Hyundai’s new plant in Georgia.
“Two strong leaders in the auto and battery industries have joined hands and we are poised to drive the EV transition in America,” said Youngsoo Kwon, CEO of LG Energy Solutions.
Hyundai and Kia delivered about 119,000 EVs during the first quarter of 2023, down 2.2 percent from a year earlier, according to Seoul-based research firm SNE Research.
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