Hyundai and LG plan $4.3 billion battery factory in Georgia
Hyundai Motor Group and LG Energy Solutions on Thursday announced plans to build a $4.3 billion electric vehicle battery plant in Georgia, the latest clean energy facility to come to the state.
The project is expected to create 3,000 new jobs in southeast Georgia by the end of 2025. It is the second battery manufacturing plant that Hyundai is developing in the state, which used incentives from the Inflation Reduction Act to open new facilities. Hyundai announced in December that it had partnered with SK On, a Korean developer of batteries for electric vehicles, to build a factory in Bartow County.
“Hyundai Motor Group is focusing on its electrification efforts to secure a leading position in the global automotive industry,” Jaehoon Chang, chairman and CEO of Hyundai Motor Company, said in a statement.
The facility is planned for Bryan County, Georgia, near the Hyundai Motor Group Metaplant America, which is under construction, the company said. The Metaplant plant will produce Hyundai, Genesis and Kia electric vehicles.
Senator Jon Ossoff, a Democrat, said in an interview that the incentives for clean energy manufacturing in the Cut Inflation Act made the plant possible.
“This is yet another huge win for Georgia,” he said.
In April, Mr. Ossoff led a trade mission to South Korea, where he met with senior executives from both companies.
The announcement follows a January decision by Hanwha QCells to leverage the federal climate and tax measure to expand operations with a $2.5 billion facility in Georgia that will produce solar panels and their components.