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Hyundai, LGES to spend $2 billion more on Georgia battery plant

Collected: 2023.09.01

Distributed: 2023.09.02

Source: Go Direct

Hyundai Motor Group and LG Energy Solution (LGES) have announced plans to increase their joint investment in a battery manufacturing facility located in Bryan County, Georgia by an additional $2 billion. This joint venture between the two companies aims to strengthen the production capabilities of electric vehicle (EV) batteries and create more job opportunities in the region.

Georgia Governor Brian Kemp expressed his gratitude to Hyundai Motor Group and LGES for their investment in the state.

The announcement brings the companies’ total investment to $7.59 billion in the electric vehicle manufacturing facility and battery joint venture in the region, creating 8,500 new jobs over the next eight years, the governor said in a press release.

“This incremental investment in Bryan County reflects our continued commitment to create a more sustainable future powered by American workers,” Jos? Mu?oz, president and global chief operating officer of Hyundai Motor Company, said in a separate statement.

“This investment demonstrates our commitment to working with our trusted partner Hyundai Motor Group to lead the electrification in the U.S. while strengthening the local economy by creating quality jobs,” said David Kim, head of Advanced Automotive Battery Division at LGES.

Back in May, Hyundai Motor Group and LGES announced their joint venture plant in Georgia to supply EV batteries for the North American market. The two said at the time that they would invest $4.32 billion by 2028 to build a battery cell production plant to cover about 300,000 EVs per year.

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