LG Energy Marks Its 7th EV Battery Venture In US, Collaborates With Hyundai Over $4.3B EV Battery Plant
Portfolio Pulse from Anusuya Lahiri
LG Energy Solution (LGES) and Hyundai Motor Co (OTC:HYMTF) announced a $4.3 billion joint venture to produce EV batteries in the US. The facility, with an annual production capacity of 30 GWh, will be located in Bryan County, Georgia, and is expected to start battery production by the end of 2025.
May 26, 2023 | 11:39 am
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Hyundai Motor partners with LG Energy Solution in a $4.3 billion joint venture to produce EV batteries in the US, boosting the company's electrification efforts in North America.
The joint venture will help Hyundai Motor accelerate its electrification efforts in North America, as the facility will have an annual production capacity of 30 GWh, enough to support 300,000 EVs. This partnership will likely have a positive impact on Hyundai's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Tesla supplier LG Energy Solution announces a joint venture with Hyundai Motor to produce EV batteries in the US, marking its 7th battery plant in the country.
While the joint venture between LG Energy Solution and Hyundai Motor is significant for the EV battery market, it is not directly related to Tesla's operations. Therefore, the impact on Tesla's stock price in the short term is expected to be neutral.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50