What Can We Expect If Hyundai and LG Build an EV Plant in the US?

November 29, 2022 By Raulf Hernes

(Image Credit Google)

Hyundai expects to open its doors in 2025, but the carmaker has more ideas ahead. A report indicated that Hyundai and SK are considering a combined venture to fund a $1.9 billion US EV battery project. Hyundai and LG Energy Solution are also exploring two electric vehicle battery installations in Georgia, which may be built between Hyundai's sites. Based on the plan, each facility will have a capacity of around 35GWh every year, which can power around one million electric vehicles. The goal here is for the manufacturer to enable US buyers to take advantage of the tax benefits from the IRA bill. Hyundai

This isn't a new plan between LG and Hyundai. It can be recalled that the two inked MoU to produce batteries in Indonesia in 2021. Hyundai is likely to experience some hurdles in its US operations because of its production of electric vehicles in the US. Under the IRA, the automaker will have to source the batteries from the US. In addition, it is unlikely that any US manufacturer would agree to construct and supply batteries for Hyundai. The manufacturer has had a tremendous hurdle in getting these certifications. Thus, it may result in a delay in the automaker's US EV output. However, there is still a tiny chance that Hyundai and LG will be able to take advantage of the IRA.

The manufacturer still has a chance to assemble the batteries in the US, but they need to deliver at least 75 percent of cell material from local producers. If they manage to assemble the batteries in the US, they will be authorized to supply the batteries to other carmakers. Hyundai has lately entered the US auto sector as a challenger, and its ambitions to make electric vehicles in Georgia and maybe develop an EV battery plant will undoubtedly affect how the US market will look in the following years.

By Raulf Hernes

If you ask me raulf means ALL ABOUT TECH!!

What Can We Expect If Hyundai and LG Build an EV Plant in the US?

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