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Hyundai Motor, LG to build $4.3bn EV battery factory in U.S.

South Korean automaker, battery maker cooperate to benefit from American subsidies

Hyundai Motor Group and LG Energy Solution are teaming up to meet booming demand for electric vehicles. (Source photos by Reuters and AP) 

TOKYO -- Hyundai Motor Group and LG Energy Solution said on Friday that they will build a battery factory in the U.S. to supply Hyundai's electric vehicles there, as they are keen to benefit from American subsidies.

The South Korean businesses announced that they will invest 5.7 trillion won ($4.3 billion) for the joint venture in Georgia, taking a 50% stake each. The plant will have a production capacity of 30 gigawatt-hours, enough to supply batteries for 300,000 vehicles per year.

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