Hyundai Motor: Hyundai Motor and LG Energy Solution to invest $4.3bn in US battery plant – trendswire
The joint company will supply battery cells for electric vehicles manufactured at Hyundai Motor Co.’s Alabama plant, the Georgia plant of its smaller subsidiary Kia Corp., and the upcoming EV and battery-focused plant called Hyundai Motor Group Metaplant America. (HMGMA). reports the Yonhap news agency. “Hyundai Motor Group is shifting its focus towards electrification and aims to become a leader in the global electric vehicle market based on the battery cell plant project,” said Hyundai Motor Chairman and CEO Chang Jae. -hoon, in a statement.
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Their joint investment comes as the Inflation Reduction Act (IRA), signed into law by US President Joe Biden in August, requires electric vehicle batteries to be made with a certain proportion of minerals mined or processed in the US or countries or regions that have free trade. Agreements with Washington. The IRA gives up to $7,500 in tax credits to buyers of EVs assembled in North America only, raising concerns that Hyundai Motor and Kia could lose ground in the US market as they make most of their EVs in domestic plants for export to the US
In October, Hyundai Motor Group broke ground on a 300,000-unit-year electric vehicle and battery plant in Georgia, with the goal of commencing commercial production in the first half of 2025. Earlier this year, Hyundai Motor began to produce the all-electric vehicle. GV70 SUV under its independent Genesis brand at the Alabama plant.