Hyundai Motor Group and LG Energy Solution to establish Battery Cell manufacturing JV in the U.S.

Hyundai Motor Group and LG Energy Solution (LGES) announced an EV battery cell manufacturing joint venture in the U.S. today. Hyundai Motor Group and LGES signed a memorandum of understanding to produce EV batteries in the U.S. and further accelerate the Group’s electrification efforts in North America. The signing ceremony took place in LGES’s headquarters in Seoul on May 26 with the attendance of Jaehoon Chang, President and CEO of Hyundai Motor Company and Youngsoo Kwon, CEO of LG Energy Solution.  The Group and LGES will each hold a 50 percent stake in the JV, which will involve an investment of over USD 4.3 billion (KRW 5.7 trillion).  “Hyundai Motor Group is focusing on its electrification efforts to secure a leadership position in the global auto industry. We will create a strong foundation to lead the global EV transition through establishing a new EV battery cell plant with LG Energy Solution, a leading global battery producer and long-time partner,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “Two strong leaders in the auto and battery industries have joined hands, and together we are ready to drive the EV transition in America,” said Youngsoo Kwon, CEO of LG Energy