June 7, 2023

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Hyundai and LG plan to build a $4.3 billion battery plant in Georgia

Hyundai and LG plan to build a $4.3 billion battery plant in Georgia

Hyundai Motor Group and LG Energy Solutions announced plans Thursday to build a $4.3 billion electric vehicle battery plant in Georgia, the latest clean energy facility to be rolled out in the state.

The project is expected to bring 3,000 new jobs to Southeast Georgia by the end of 2025. It is the second battery manufacturing plant Hyundai is developing in the state, which used incentives in the Inflation Control Act to open new facilities. Hyundai announced in December that it had teamed up with SK On, a South Korean electric vehicle battery developer, to build a factory in Bartow County.

“Hyundai Motor Group is focusing its efforts in the electrification field to secure a leading position in the global auto industry,” said Jihoon Chang, President and CEO of Hyundai Motor Company. in the current situation.

The facility is planned for Bryan County, Georgia, near the Hyundai Motor Company Metaplant America, which is under construction, the company said. The Metaplant facility will produce Hyundai, Genesis and Kia electric cars.

Sen. Jon Ossoff, a Georgia Democrat, said in an interview that incentives for clean energy manufacturing in the Inflation Reduction Act made factory possible.

“This is another big victory 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 decision in January by Hanwha QCells to take advantage of climate and federal tax measures to expand operations with the $2.5 billion Georgia facility that will produce solar panels and components.

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