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.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
AUSTRALIAN STATES BACK NATIONAL PLAN TO BAN CHILDREN YOUNGER THAN 16 FROM SOCIAL MEDIA
Australia’s states and territories unanimously backed a national plan to require most forms of social media to bar children younger than 16.
FACEBOOK AND INSTAGRAM USERS IN EUROPE CAN OPT FOR LESS PERSONALIZED ADS
Facebook and Instagram users in Europe will get the option to see less personalized ads if they don’t want to pay for an ad-free subscription, social media company Meta said Tuesday, bowing to pressure from Brussels over privacy and digital competition concerns.
IN THIS FLORIDA SCHOOL DISTRICT. SOME PARENTS ARE PUSHING BACK AGAINST A CELLPHONE BAN
It’s no surprise that students are pushing back on cellphone bans in classrooms. But school administrators in one South Florida county working to pull students’ eyes away from their screens are facing some resistance from another group as well – parents.
DIAMOND SPORTS GROUP WILL OFFER SINGLE-GAME PRICING TO STREAM NBA AND NHL GAMES STARTING NEXT MONTH
The nation’s largest owner of regional sports networks will offer single-game pricing for NBA and NHL games beginning next month.
ON THE EVE OF OSCARS HONOR, JAMES BOND PRODUCERS REFLECT ON LEGACY AND FUTURE OF 007
For the late James Bond producer Albert “Cuddy” Broccoli, receiving the Irving G. Thalberg Memorial Award was a true high point in his career.
'SATURDAY NIGHT LIVE' TO TRUMP: 'WE'VE BEEN WITH YOU ALL ALONG'
The first “Saturday Night Live” since Donald Trump’s election victory began with the most somber of tones as a group of plainly dressed cast members, primarily women and minorities, described their new reality.
US AGENCY SAYS TESLA'S PUBLIC STATEMENTS IMPLY THAT ITS VEHICLES CAN DRIVE THEMSELVES. THEY CAN'T
The U.S. government’s highway safety agency says Tesla is telling drivers in public statements that its vehicles can drive themselves, conflicting with owners manuals and briefings with the agency saying the electric vehicles need human supervision.
WAYMO'S ROBOTAXIS NOW OPEN TO ANYONE WHO WANTS A DRIVERLESS RIDE IN LOS ANGELES
Waymo this week opened its robotaxi service to anyone who wants a ride around Los Angeles, marking another milestone in the evolution of self-driving car technology since the company began as a secret project at Google 15 years ago.
BITCOIN HAS TOPPED $93,000 FOR A NEW RECORD HIGH. WHAT TO KNOW ABOUT CRYPTO'S POST-ELECTION RALLY
As money continues to pour into crypto following Donald Trump’s victory last week, bitcoin has climbed to yet another record high.
AMAZON LAUNCHES AN ONLINE DISCOUNT STOREFRONT TO BETTER COMPETE WITH SHEIN AND TEMU
Amazon has launched a low-cost online storefront featuring electronics, apparel and other products priced at under $20, an effort to compete with discount retailers that have increasingly encroached on the e-commerce giant’s turf.
