South Korea’s Hyundai, LGES to ramp up investment in U.S. battery plant by $2 billion
- September 1, 2023
- Posted by: Quatro Strategies
- Categories: Asia Pacific, EVs & Battery Technology, United States
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.
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