Savannah, Ga. - Hyundai Motor Group and LG Energy Solution have announced an additional investment of $2 billion in their partnership to produce batteries for electric vehicles (EVs) at Hyundai's upcoming plant in Georgia. This expansion comes just three months after the initial partnership was established.
Located west of Savannah, the Georgia plant is set to begin EV production in 2025. With this latest investment, the total investment by the South Korea-based companies in the Georgia plant amounts to over $7.5 billion. Additionally, the site's workforce is expected to grow to 8,500 employees.
José Muñoz, President and Global Chief Operating Officer of Hyundai Motor Company, emphasized the commitment to sustainability and American workers in a statement. He stated that the incremental investment in Bryan County reflects their dedication to creating a more sustainable future.
The initial investment by Hyundai to assemble EVs and batteries in Ellabell was announced to be $5.5 billion in 2022. It remains uncertain if the additional investment and new jobs will result in increased battery production. The joint venture between Hyundai and LG initially aimed to supply batteries for 300,000 EVs annually, aligned with the projected production of the adjoining vehicle assembly plant.
Hyundai has also revealed that the Georgia plant has the potential to expand its capacity to manufacture up to 500,000 vehicles per year in the future.
Hyundai's Historic Investment in Georgia's EV Manufacturing
This historic investment by Hyundai not only bolsters Georgia's economy but also strengthens the nation's commitment to the advancement of electric mobility. With its significant investment, Hyundai solidifies its position as a prominent player in the rapidly expanding EV market.
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