HYUNDAI & LG ANNOUNCE $4.3 BILLION PLANT IN GEORGIA TO BUILD BATTERIES FOR ELECTRIC VEHICLES

Hyundai Motor Group and LG Energy Solution announced they will build a $4.3 billion electric battery plant as part of Hyundai's new electric vehicle assembly plant in southeast Georgia

The companies will split the investment, starting production as soon as late 2025.

Hyundai Motor Co. CEO Jaehoon Chang said in a statement that the battery plant would "create a strong foundation to lead the global EV transition," explaining the company wants to speed up efforts to produce electrified Hyundai and Kia vehicles in North America.

"Hyundai Motor Group is focusing on its electrification efforts to secure a leadership position in the global auto industry, Chang said.

The South Korean automaker said in 2022 it would invest $5.5 billion to assemble electric vehicles and batteries in Ellabell, just west of Savannah. The site is supposed to have 8,100 employees and is slated to begin producing vehicles in 2025.

Garrison Douglas, a spokesperson for Republican Gov. Brian Kemp, said the 3,000-job battery plant would be part of the 8,100 overall jobs and the $4.3 billion investment would be part of the previously announced $5.5 billion total.

The Hyundai/LG plant is supposed to be able to supply batteries for 300,000 electric vehicles per year, which is the initial projected production of the adjoining vehicle assembly plant. Hyundai has said the Georgia plant could later expand to build 500,000 vehicles annually.