UNITED STATES NEWS

Hyundai and LG announce $4.3 billion plant in Georgia to build batteries for electric vehicles

May 25, 2023, 8:11 PM | Updated: 9:08 pm

ATLANTA (AP) — Hyundai Motor Group and LG Energy Solution announced Thursday they will build a $4.3 billion electric battery plant as part of Hyundai’s new electric vehicle assembly plant in southeast Georgia.

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, near Savannah. The site is supposed to have 8,100 employees and is slated to begin producing vehicles in 2025.

Garrison Douglas, a Kemp spokesperson, 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 is exactly what we envisioned when Georgia landed the Hyundai Metaplant in May of last year, and this project is the latest milestone in Georgia’s path to becoming the EV capital of the nation,” Gov. Brian Kemp, a Republican, said in a statement.

In addition to the assembly and battery plants, auto parts suppliers have pledged to invest more than $2 billion and hire 4,800 people in the region around the Hyundai site.

The announcements are part of an electric vehicle and battery land rush across the United States. Under the U.S. Inflation Reduction Act, EVs must be assembled in North America, and a certain percentage of their battery parts and minerals must come from North America or a U.S. free trade partner to qualify for a full $7,500 EV tax credit.

Currently, no Hyundai or Kia vehicles are eligible for the tax credit.

“The IRA’s manufacturing incentives continue to bring jobs and investment to Georgia,” Democratic U.S. Sen. Jon Ossoff of Georgia said in a statement. “My goal remains to make Georgia the world leader in advanced energy production.

This is the second huge electric battery plant that Hyundai is partnering to build in Georgia. Hyundai and SK On, a unit of South Korea’s SK Group, announced in December they would jointly invest $4 billion to $5 billion to build a new plant northwest of Atlanta that would supply electric batteries for Hyundai and Kia electric vehicles assembled in the U.S. That plant, in Cartersville, is planned to begin production in 2025 and employ a projected 3,500 people.

Hyundai will need batteries for more than just vehicles made in Ellabell. The company is already assembling electric vehicles at its plant in Montgomery, Alabama, and announced in April it would start assembling its electric Kia EV9 large SUV at the Kia plant in West Point, Georgia.

Partnering with LG and SK also will diversify Hyundai’s supplier base, giving the automaker more than one battery manufacturer from which to buy.

Because the battery plant is part of the overall Hyundai complex, Douglas said no additional incentives would be offered.

The state of Georgia and local governments already have pledged $1.8 billion in tax breaks and other incentives. It’s the largest subsidy package a U.S. state has ever promised an automotive plant, according to Greg LeRoy, executive director Good Jobs First, a group skeptical of subsidies to private companies.

United States News

Associated Press

The House is on the brink of approving aid for Ukraine and Israel after months of struggle

WASHINGTON (AP) — The House is preparing in a rare Saturday session to approve $95 billion in foreign aid for Ukraine, Israel and other U.S. allies, Democrats and Republicans joining together behind the legislation after a grueling monthslong fight over renewed American support for repelling Russia’s invasion into Ukraine. Republican House Speaker Mike Johnson, putting […]

8 hours ago

This satellite image from Planet Labs PBC shows Iran's nuclear site in Isfahan, Iran, April 4, 2024...

Associated Press

Israel, Iran play down apparent Israeli strike. The muted responses could calm tensions — for now

Israel and Iran are both playing down an apparent Israeli airstrike near a major air base and nuclear site in central Iran.

11 hours ago

Speaker of the House Mike Johnson, R-La., talks to reporters just after lawmakers pushed a $95 bill...

Associated Press

Ukraine, Israel aid advances in rare House vote as Democrats help Republicans push it forward

The House pushed ahead Friday on a foreign aid package of $95 billion for Ukraine, Israel, Taiwan and other sources of humanitarian support.

12 hours ago

Associated Press

Idaho group says it is exploring a ballot initiative for abortion rights and reproductive care

BOISE, Idaho (AP) — A new Idaho organization says it will ask voters to restore abortion access and other reproductive health care rights in the state after lawmakers let a second legislative session end without modifying strict abortion bans that have been blamed for a recent exodus of health care providers. “We have not been […]

14 hours ago

Associated Press

An Alabama prison warden is arrested on drug charges

ATHENS, Ala. (AP) — The warden of an Alabama prison was arrested Friday on drug charges, officials with the state prison system confirmed. Chadwick Crabtree, the warden at Limestone Correctional Facility, was charged with the manufacturing of a controlled substance, possession of marijuana, possession of a controlled substance, and possession of drug paraphernalia, according to […]

14 hours ago

Associated Press

South Africa man convicted in deaths of 2 Alaska Native women faces revocation of U.S. citizenship

ANCHORAGE, Alaska (AP) — Federal prosecutors want to revoke the U.S. citizenship of a South Africa man convicted of killing two Alaska Native women for allegedly lying on his naturalization application for saying he had neither killed nor hurt anyone. Brian Steven Smith, 52, was convicted earlier this year in the deaths of the two […]

14 hours ago

Sponsored Articles

...

Condor Airlines

Condor Airlines can get you smoothly from Phoenix to Frankfurt on new A330-900neo airplane

Adventure Awaits! And there's no better way to experience the vacation of your dreams than traveling with Condor Airlines.

...

Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.

...

Collins Comfort Masters

Here’s 1 way to ensure your family is drinking safe water

Water is maybe one of the most important resources in our lives, and especially if you have kids, you want them to have access to safe water.

Hyundai and LG announce $4.3 billion plant in Georgia to build batteries for electric vehicles