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© LG Energy Solutions
Electronics Production |

Hyundai and LG Energy to invest additional $2B in Georgia

Hyundai Motor Group and LG Energy Solution (LGES) will invest an additional USD 2 billion in their battery cell manufacturing joint venture at the Metaplant in Bryan County, Georgia.

This additional investment raises the JV’s total investment value to more than USD 4.3 billion. The expansion is set to create another 400 new jobs.

Back in May 2023, Hyundai Motor Group and LGES signed a memorandum of understanding establishing LGES as the partner for Hyundai Motor Group Metaplant America’s (HMGMA) onsite battery cell manufacturing JV. With today’s announcement, the EV manufacturing facility and the battery JV represent an estimated USD 7.59 billion in investment and will create 8,500 new jobs for the region over the next eight years.

The 30 GWh facility will be able to support the production of 300,000 units of EVs annually at full operations. Hyundai Mobis will assemble battery packs using cells from the plant, and then supply them to the Hyundai Motor Group’s U.S. manufacturing facilities for the production of Hyundai, Kia, and Genesis EV models.

 


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May 14 2024 7:33 am V22.4.46-2
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