Hyundai and LG will invest an additional $2B into making batteries at Georgia electric vehicle plant

Hyundai Motor Group and LG Energy Solution said Thursday they will spend an additional $2 billion and hire an extra 400 workers to make batteries at the automaker’s sprawling U.S. electrical vehicle plant that’s under construction in Georgia.

The announcement by the South Korea-based companies — one a major automaker, the other a leading producer of lithium-ion batteries used to power electric vehicles — expands on a partnership they launched three months ago to produce batteries at the same site west of Savannah, where Hyundai plans to start EV production in 2025.

The news Thursday brings the companies’ total investment in the Georgia plant to more than $7.5 billion and the site’s overall planned workforce to 8,500.

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

Hyundai said in 2022 it would invest $5.5 billion to assemble electric vehicles and batteries on 2,900 acres (1,170 hectares) in the community of Ellabell.

The additional investment and jobs announced Thursday doesn’t mean the Hyundai/ LG battery plant will produce more batteries, Hyundai spokesperson Michael Stewart said. The companies still expect the plant to supply enough batteries for 300,000 EVs per year, the same capacity given when the joint venture was first announced in May.

“The plant does have the potential to expand depending on market conditions and demand,” Stewart said by email, adding: “Hyundai remains very optimistic about the transition to electric vehicles.”

Hyundai has said the Georgia plant initially plans to produce 300,000 vehicles per year, but it could later expand to build 500,000 annually.

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