Hyundai Motor to build EV battery joint venture with LG Energy Solution

SEOUL (Reuters) – Hyundai Motor announced on Friday it plans to invest 1.43 trillion won ($1.1 billion) to build an electric battery joint venture with LG Energy Solution in North America.

The joint venture will invest a total of 5.7 trillion won over the next six years to gain competitiveness in the North America automotive market, the company said in a regulatory filing.

($1 = 1,320.9300 won)

(Reporting by Hyunsu Yim; Editing by Jacqueline Wong)