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Hyundai and LG will invest an additional $2 billion at Georgia EV plant

The development increases the firms' overall investment in the Georgia factory to more than $7.5 billion and the site's anticipated employment to 8,500.

Hyundai and LG Energy Solutions announced plans to invest an additional $2 billion and hire 400 more employees to produce batteries at the automaker’s massive U.S. electric vehicle plant in Georgia, which is currently under construction.

The South Korean companies’ announcement builds on a three-month-old partnership to produce batteries at the same location west of Savannah, where Hyundai intends to begin EV production in 2025.

The development increases the firms’ overall investment in the Georgia factory to more than $7.5 billion and the site’s anticipated employment to 8,500.

Additionally, Hyundai said it would invest $5.5 billion in 2022 to build EVs and batteries on 2,900 acres in the Ellabell neighborhood.

According to Hyundai spokesperson Michael Stewart, the increased investment and jobs announced do not indicate that the battery plant will create more batteries. The joint venture’s original capacity of 300,000 EV batteries per year is still the expectation of the business’s plant. Stewart’s email asserts, “The plant does have the potential to expand depending on market conditions and demand,” it adds, “Hyundai remains very optimistic about the transition to EVs.”

Hyundai’s first U.S. plant dedicated to EV manufacturing was hailed as the most significant economic development project in Georgia’s history when it was first announced in 2022. Georgia Governor Brian Kemp praised Hyundai and LG’s new investment in the facility. He added, “Today, we’re building on that success as we continue to make Georgia the e-mobility capital of the nation.”

According to Jessica Atwell, a spokeswoman for the state Department of Economic Development, Georgia and local governments will provide further incentives. She clarified that those would only be made public once the paperwork is complete.

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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