Asia Business Outlook
  • Education
  • Marketing
  • Manufacturing
  • Finance
  • HR & Legal
  • Services
  • Asia Startups
  • Special
  • Home
  • News
  • Treatise
  • Industry Experts
  • Magazines
  • Conferences
  • Newsletter

What Are You Looking For?

  • Home
  • News
  • Treatise
  • Industry Experts
  • Magazines
    • Education
    • Marketing
    • Manufacturing
    • Finance
    • HR & Legal
    • Services
    • Asia Startups
    • Special
  • Conferences
  • About Us

Sign Up for Newsletter

×

Subscribe to our newsletter and Stay updated.

  • Home News

Hyundai Motors And LG Join Hands To Set Up A EV Battery Plant in USA

  • By: Asia Business Outlook Team | Friday, 26 May 2023
 Asia Business Outlook Team

Hyundai Motor Group and LG Energy Solution of South Korea announced on May 26 that they will invest a total of US$4.3 billion in the construction of an electric vehicle (EV) battery plant in the United States.

The Hyundai-LGES plant in Georgia, which will begin construction in the second half of 2023, plans to begin battery production by the end of 2025 at the earliest.

According to Hyundai and LG, it will have an annual production capacity of 30 gigatonne-hours (GWh), enough to support the production of 300,000 EVs each year.

Hyundai Motor Group, which includes Hyundai Motor and Kia, and LGES will each have a 50% stake in the joint venture.

The move follows the implementation of new US sourcing requirements for EV battery components and critical minerals in order for car buyers to qualify for up to $7,500 in credits under the Biden administration's Inflation Reduction Act (IRA).

Hyundai and Kia vehicles are currently ineligible for tax credits.

Read More News :

Asia Games 2023: India Secures Bronze in Boxing, China in Race to Secure Gold
Webtoon-like Startup in India Secures Capital from Sony Innovation Fund

Journals

  • V2WEB: Handholding Clients Through Their Entire Digital Transformation Journeys
  • Knowledge Meets Innovation In Asia
  • CorpelServe: A Full-Service Market Entry Company In India Committed To Helping The Overseas Companies To Establish, Grow & Expand Their Businesses In The Indian Market

Editor's Column

  • Avinash Barik, Assistant Editor, Asia Business Outlook

    Will Artificial Intelligence eventually...

  • Avinash Barik, Assistant Editor, Asia Business Outlook

    A Strategic Shift to Outmaneuver Uncertainty

  • Emmanuel Das, Editor, Asia Business Outlook

    Environmental Governance can be a Road to...

  • Emmanuel Christi Das, Editor

    About time we Turn our Heads to Asia

Industry Experts

  • Tharun Lognathan,<br/> Head,<br/> Aquapharm Chemicals Pvt Ltd

    Fostering Cross-Functional Alignment in Market...

    By: Tharun Lognathan,
    Head,
    Aquapharm...
  • Dashdamir Niftaliyev,<br/> Regional BDM,<br/> Solera,<br/> Inc.

    Emerging Tech and Innovation

    By: Dashdamir Niftaliyev,
    Regional BDM,
    ...
© 2023 Asia Business Outlook. All Rights Reserved
Subscribe | About Us