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Hyundai and LG Energy Solutions unite to build $4.3 billion EV battery plant in Georgia

In a significant stride toward cleaner energy initiatives, Hyundai and LGES have announced their joint plans to establish a cutting-edge electric vehicle (EV) battery plant in Georgia, marking another significant addition to the state’s clean energy infrastructure. Seizing the opportunity to leverage advantageous tax credits, Hyundai and LGES are set to commence construction of the facility in the latter half of 2023. It’s worth noting that vehicles from Hyundai and its sister company Kia are not currently eligible for these tax credits.

Hyundai and LGES have revealed that construction of the factory in Georgia will commence in the second half of 2023, with battery production slated to begin no earlier than the end of 2025. The facility will boast an impressive annual production capacity of 30 gigawatt-hours, providing enough batteries to power approximately 300,000 EVs

This ambitious project is expected to generate approximately 3,000 new job opportunities in southeast Georgia by the end of 2025. It marks the second battery manufacturing plant being developed by Hyundai in the state, utilizing incentives offered through the Inflation Reduction Act to establish new facilities.

In December, Hyundai unveiled its collaboration with SK On, a Korean electric vehicle battery developer, to construct a plant in Bartow County.

With this joint venture, LGES now has a total of seven battery plants, either operational or under construction in the United States, signifying the company’s concentrated efforts to expand its production capacity within the country. By bolstering local production capabilities, LGES aims to offer innovative products on a large scale and with enhanced speed, accelerating the clean energy transition across the United States.

Hyundai and LGES have long been steadfast partners in electrification, having collaborated on supplying EV batteries for various vehicles, including the Elantra Hybrid, Kona Electric, and IONIQ 6 EV. The Hyundai Elantra Hybrid, a hybrid vehicle introduced in 2009, was the Group’s inaugural electrified model.

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