Hyundai Motor is constructing state-of-the-art battery manufacturing facilities for electric vehicles in Bryan County, Georgia. This development signals an exciting collaboration between Hyundai Motor and LG Energy Solution from South Korea. The two companies are planning to double their investment in the battery factory, resulting in the creation of approximately 400 new jobs.
The original agreement between Hyundai Motor and LG Energy Solution involved a $2.3 billion investment for the construction of battery cell manufacturing facilities in Bryan County, Georgia. However, the recent announcement revealed an additional $2 billion investment, showcasing the immense growth and potential of this project.
Upon completion in 2028, the battery facilities will have the capacity to support the production of around 300,000 electric cars per year. This advancement aligns perfectly with Hyundai Motor’s ongoing efforts to expand its electric vehicle manufacturing capabilities.
The combined investments from Hyundai Motor and LG Energy Solution, including the ongoing construction of Hyundai Motor’s electric vehicle factories in Bryan County, will amount to an impressive $7.59 billion. Furthermore, these ventures will bring about 8,500 new job opportunities to the region over the next eight years, providing a significant boost to the local economy.
Hyundai Motor is renowned as South Korea’s leading automaker, while LG Energy Solution enjoys a prominent position in the global electric vehicle battery market. In light of this collaboration, Hyundai Motor’s global COO José Muñoz expressed his dedication to a sustainable future powered by American workers.
The Governor of Georgia, Brian Kemp, welcomed this expansion, recognizing the value it brings to the state. He emphasized that these major investments translate into tangible benefits for the local residents, including increased employment opportunities, improved educational institutions, and enhanced infrastructure.
The recent surge in investments by South Korean carmakers and battery manufacturers in the United States can be attributed to the Inflation Reduction Act, implemented last year. This legislation stipulates that electric vehicles must be assembled in North America to qualify for tax credits in the lucrative U.S. market. Consequently, battery companies like LG Energy Solution, Samsung SDI, and SK Innovation are actively working to reduce their reliance on components sourced from China, adhering to the regulations and fostering a self-sufficient supply chain.
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