Hyundai and LG Boost Georgia EV Battery Plant Investment to $7.6 Billion in 2025

Hyundai Motor Group (HYMTF) and LG Energy Solution have expanded their joint investment in the Bryan County Metaplant in Georgia by an additional $2 billion, bringing the total commitment to $7.59 billion as of 2024.

Highlights

• The $7.59 billion investment supports a cutting-edge EV battery manufacturing facility in Georgia.
• This expansion will generate an extra 400 well-paying jobs, contributing to a total of 8,500 new jobs over the next eight years in the region.
• Once fully operational, the Metaplant is projected to supply batteries for up to 300,000 electric vehicles annually.

“This significant investment demonstrates our commitment to accelerating America's transition to electric vehicles while strengthening the local economy through quality job creation,” stated Dong-Myung Kim, President of LG Energy Solution.

The partnership, formalized in a memorandum of understanding earlier this year, aims to establish Georgia as a central hub for EV battery production. The Metaplant will play a vital role in supporting the manufacturing of electric vehicles across the United States.

José Muñoz, President and Global COO of Hyundai Motor Company, emphasized, “Our continued investment in Bryan County highlights our dedication to building a sustainable future powered by American workers.”

The additional funding will help create 400 new well-paying positions at the battery plant, contributing to a total of 8,500 jobs expected over the next eight years, positively impacting the local community and economy.

Georgia Governor Brian Kemp remarked, “We are proud to make Georgia the e-mobility capital of the nation. These major investments translate into tangible benefits for hardworking Georgians, including better paychecks, enhanced schools, and improved infrastructure.”

Explore useful articles in Company News as of 06-09-2023. The article titled " Hyundai and LG Boost Georgia EV Battery Plant Investment to $7.6 Billion in 2025 " offers in-depth analysis and practical advice in the Company News field. Each article is carefully crafted by experts to provide maximum value to readers.

The " Hyundai and LG Boost Georgia EV Battery Plant Investment to $7.6 Billion in 2025 " article expands your knowledge in Company News, keeps you informed about the latest developments, and helps you make well-informed decisions. Each article is based on unique content, ensuring originality and quality.