South Korea’s Hyundai Motor Group and LG Energy Solution Ltd. plan to invest 5.7 trillion won ($4.3 billion) to build an electric vehicle (EV) battery plant in the United States as part of a push to “drive the EV transition in America” and take advantage of tax credits provided by the Inflation Reduction Act (IRA).
The two companies signed a memorandum of understanding to produce EV batteries in the United States and “further accelerate Hyundai’s electrification efforts in North America,” on May 26, according to a statement.
