Bloomberg Tax
May 26, 2023, 1:51 AM

Hyundai Motor, LG Plan $4.3 Billion EV Battery Plant in US

Heejin Kim
Heejin Kim
Bloomberg News

South Korea’s Hyundai Motor Group and LG Energy Solution Ltd. will invest 5.7 trillion won ($4.3 billion) to produce electric-car batteries in the US to comply with President Joe Biden’s clean energy tax law, which seeks to encourage domestic production and reduce reliance on Chinese suppliers.

The Hyundai group — which includes Hyundai Motor Co., Kia Corp. and Genesis — and LG Energy will split the investment 50-50, according to a statement Friday. The plant, in Bryan County, Georgia, will have an annual capacity of 30 GWh, enough to power 300,000 electric vehicles, the carmaker said.

Jaehoon Chang
Photographer: SeongJoon Cho/Bloomberg

Construction will ...

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