Hyundai Motor Group and LG Energy Solution announced August 31 that they would be boosting their joint investment in a Georgia battery manufacturing plant by $2 billion and adding 400 additional jobs at the site that is currently under construction.
The extra investment builds on a partnership launched between the two companies earlier in 2023 that aims to produce EV batteries at one factory and electric vehicles at another facility based in Savannah, Georgia.
The two companies will spend a total of $7.59 billion on the plant and create 8,500 new jobs in Bryan County, Georgia, according to the Associated Press.
“This incremental investment in Bryan County reflects our continued commitment to create a more sustainable future powered by American workers,” said José Muñoz, president and global chief operating officer of Hyundai Motor Company, in a statement.
The car manufacturing facility is expected to produce 300,000 EVs per year once it begins production in 2025. Although, it could eventually expand its manufacturing rate to 500,000 EVs annually.
Jessica Atwell, a spokesperson for the Georgia Department of Economic Development, said state and local governments will kick in additional incentives for building the factories. Those benefits have not been announced at this time.
“Today, we’re building on that success as we continue to make Georgia the e-mobility capital of the nation,” said Georgia Gov. Brian Kemp, in a statement.
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- Source: https://www.supplychainbrain.com/articles/38027-hyundai-and-lg-planning-to-spend-an-additional-2b-on-georgia-battery-plant
