Hyundai and LG Join Forces for $4.3 Billion Georgia Plant to Manufacture Electric Vehicle Batteries
Hyundai Motor Group and LG Energy Solution have announced plans to construct a $4.3 billion electric battery plant as part of Hyundai's new electric vehicle assembly plant in Georgia. The investment will be split between the two companies, with production expected to begin by late 2025. The battery plant aims to support Hyundai's efforts in producing electrified vehicles and accelerate the global transition to electric mobility.
The Hyundai/LG plant is projected to supply batteries for 300,000 electric vehicles annually, with the potential for future expansion to 500,000 vehicles. This initiative aligns with the requirements of the U.S. Inflation Reduction Act, which incentivizes domestic electric vehicle production and the use of North American battery components. The move reflects the growing electric vehicle and battery industry in the United States, attracting substantial investments and driving job creation in the region surrounding the Hyundai site.
A fire at the BioLab chemical plant in Conyers, Georgia, on Sunday caused major disruptions and evacuations after a sprinkler malfunction led to the release of a large chemical plume.