Hyundai and LG announced today that they plan to build a battery plant in the US electric vehicles. The group was attracted by US tax breaks.
Hyundai and LG took into account the new requirements of US lawmakers, who demanded that buyers of electric vehicles have tax breaks. The size of the latter is $7,500, writes xrust. Old cars of the brand do not fit the criterion.
Hyundai and LGES reported that construction will start in the second half of 2023. The first batteries will appear in 2025. The design capacity of the plant is focused on providing batteries for 300,000 electric vehicles.
Hyundai, positioned by the market as the world's third largest automaker, is building electric vehicle and battery plants on the lands of Brian County. A joint plant with LG will also be built here. It was decided to divide the assets 50/50. LG, we recall, supplies components to Tesla and GM cars.
Last April, Hyundai created a $5 billion battery electric vehicle JV with SK_On.
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