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

Rare earth prices in China soared to 20-month high

Chinese rare earth prices have experienced a significant surge, reaching their highest levels in 20 months. This price escalation can be attributed to the suspension of mining operations in Myanmar, which is a major producer of rare earth elements.

U.S. IRA’s effects on EU green push have been less than feared

A year after the United States launched its ambitious green subsidies initiative, the Inflation Reduction Act (IRA), concerns in Europe about a potential exodus of companies seeking US tax breaks have largely been assuaged. The European Union (EU) responded to the IRA with measures to relax its state aid rules, allowing European governments to match US subsidies. While there are some concerns about a lack of aid accessibility for smaller firms and the complex nature of EU financing, the response has curbed fears of a mass corporate migration to the US.

Chile’s public-private model attracts more than 50 lithium miners

More than 50 global companies are actively pursuing lithium deals under Chile’s new public-private model for the sector. Traditionally, US-based Albemarle and Chile-based Sociedad Quimica y Minera de Chile (SQM) have dominated the Atacama salt flat, which accounts for 30% of global lithium production. The new model proposed by President Gabriel Boric involves the state having a controlling stake in strategic operations, while private firms retain control of non-strategic projects. The government also plans to negotiate with Albemarle and SQM for larger stakes in their existing contracts, overseen by state-owned copper producer Codelco.

Stay informed