South Korea’s Hyundai, LGES to ramp up investment in U.S. battery plant by $2 billion

Hyundai Motor Group and LG Energy Solution have announced that they will increase their joint investment in a battery manufacturing plant in Georgia by $2 billion. This brings the total investment in the facility to $4.3 billion. The plant, a joint venture between the two companies, will have the capacity to produce approximately 300,000 electric vehicle batteries annually.

This investment will create an additional 400 jobs at the facility, adding to the 8,500 new jobs that the two companies plan to create in Bryan County, Georgia, over eight years. The investment also includes a separate electric vehicle manufacturing plant that is set to begin production in January 2025 and will manufacture 300,000 vehicles annually.

The combined manufacturing facilities are known as the “Metaplant” and have been incentivized by consumer tax credits included in the 2022 U.S. Inflation Reduction Act, which requires electric vehicles to be manufactured in the United States and sets new sourcing requirements for critical minerals and battery components.

Hyundai Mobis, an auto parts maker, will assemble battery packs using cells from the plant and supply them to Hyundai Motor manufacturing facilities in the United States for the production of Hyundai, Kia, and Genesis electric vehicles.

This announcement reflects Hyundai’s commitment to expanding its presence in the electric vehicle market and increasing its production capacity in the United States.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You will get daily industry insights on

Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Vietnamese EV maker Vinfast to make first shipments to Europe this year

VinFast, a Vietnamese electric vehicle (EV) manufacturer, has ambitious plans to expand into the European market and aims to ship its first EVs to Europe later this year after receiving regulatory approval. The company is looking to deliver about 3,000 of its VF8 crossovers to France, Germany, and the Netherlands in the fourth quarter of this year.

Finland, US to sign defense cooperation agreement near Russian border

Finland is poised to take a significant step in its defense strategy by signing a defense cooperation agreement with the United States. This pact is designed to grant the U.S. military extensive access to various locations near Finland’s lengthy border with Russia. The agreement comes as Finland…

China’s Sinopec buys 30 cargoes of LNG ahead of peak winter demand

China’s Sinopec Corp, one of the major players in the global energy landscape, has made a substantial move in the liquefied natural gas (LNG) market. In a recent tender, they acquired more than 30 cargoes of LNG, aimed at covering the upcoming winter demand in China and augmenting the supply pool for trading activities.

Stay informed

error: Content is protected !!