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Hyundai Reportedly Considering Building Battery Plants with LG
By William Johnson
Teslarati
Hyundai is reportedly considering building two massive battery plants in a partnership with LG. Rumors have been circulating over the past week that Hyundai is considering building a battery plant along with its new electric vehicle manufacturing facility in Georgia.
An older report said Hyundai is working with SK Innovation to build a single plant. However, according to an unnamed source cited by a local paper in South Korea and reported by Reuters, Hyundai may also be considering building a pair of battery plants with LG Chem.
Like many other automakers in the U.S., Hyundai is in a race against time to establish both EV manufacturing facilities and accompanying battery manufacturing facilities to take advantage of the new Inflation Reduction Act and its EV tax incentives. The two facilities Hyundai is reportedly considering with LG would undoubtedly address this need, each having the capacity to produce 35GWh of batteries annually, enough for 1 million electric vehicles combined.
Hyundai’s equally massive upcoming EV manufacturing location, also in Georgia, hopes to achieve relatively huge production numbers. One Hyundai executive said the facility will produce half a million electric vehicles annually “if the demand is there.”
Neither Hyundai nor its possible battery manufacturing partners, SK Innovation and LG, have commented on the validity of the proposed plans; however, it makes sense that Hyundai is weighing its options for suppliers for its new manufacturing facility. While neither of these proposed plans may come to fruition, many expect the South Korean auto giant will create some battery production, especially if it genuinely intends to build such a large number of EVs at its new facility. Hyundai’s possible investment also comes at a time of uncertainty regarding the Inflation Reduction Act, which has motivated many manufacturers to quickly establish themselves in the U.S. As multiple countries have begun to protest the new law, some even considering retaliation, its future remains vague.
By Andrew Gross
AAA
The national average pump price plunged 14 cents since Dec. 5 to $3.26 as of Dec. 12, six cents less than a year ago. There are now approximately 34 states with averages lower than last year.
“The seasonal pattern of less driving due to shorter days and crummy weather, combined with a lower oil cost, is driving gas prices lower,” said Andrew Gross, AAA spokesperson. “If this trend continues, many states could see their average prices fall below $3 a gallon by early next year.”
According to data from the Energy Information Administration (EIA), gas demand remained low at 8.36 million b/d over the same week, approximately 605,000 b/d lower than a year ago. Meanwhile, total domestic gasoline stocks rose significantly by 5.3 million bbl to 219.1 million bbl. Increasing supply and lower gasoline demand will push pump prices lower.
The Dec. 12 national average of $3.26 is 52 cents less than a month ago and six cents less than a year ago.
The nation’s top 10 largest weekly decreases: Montana (-26 cents), California (-25 cents), Alaska (-24 cents), Nevada (-21 cents), Oregon (-21 cents), Washington (-21 cents), Michigan (-21 cents), Arizona (-20 cents), Wyoming (-20 cents) and Indiana (-19 cents).
The nation’s top 10 least expensive markets: Texas ($2.69), Oklahoma ($2.70), Arkansas ($2.79), Missouri ($2.81), Louisiana ($2.84), Mississippi ($2.84), Tennessee ($2.84), Wisconsin ($2.85), Georgia ($2.87) and Kansas ($2.89). Source: AAA
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