Hyundai Motor Group and LG Energy Solution (LGES) have decided to funnel an additional $2 billion into their existing battery cell manufacturing joint venture at the Metaplant in Bryan County, Georgia. This new influx of capital raises the joint venture’s total investment to over $4.3 billion. The expansion will also add 400 new jobs to the local economy.
Why It Matters
The bolstered investment by Hyundai and LGES in Bryan County signifies their commitment to making Georgia a hub for electric vehicle (EV) technology and manufacturing. Governor Brian Kemp acknowledged that these large-scale investments not only translate to job creation but also contribute to the overall improvement of Georgia’s infrastructure and educational facilities. As a result, Georgia continues to solidify its reputation as a prime destination for businesses, especially those in the fast-growing EV market.
Key Points
- Hyundai and LGES initially established a memorandum of understanding in May 2023 for onsite battery cell manufacturing.
- With this new commitment, the estimated total investment in EV manufacturing and battery cell production in the region will reach $7.59 billion.
- Over the next eight years, the facility is expected to generate 8,500 new jobs.
- The 30 GWh facility will be capable of supporting the production of 300,000 EV units annually.
- Battery packs will be assembled at the plant by Hyundai Mobis and supplied to Hyundai, Kia, and Genesis manufacturing facilities in the U.S.
Bottom Line
Today’s announcement underscores Georgia’s emerging leadership in the electric vehicle industry. The commitment from Hyundai Motor Group and LG Energy Solution is transformative for the region, promising to bring significant economic growth, job creation, and technological advancement. It is a milestone for the state and the broader American automotive industry as it pivots toward electrification.
Various stakeholders, including the Georgia Department of Economic Development, the Savannah Harbor-Interstate 16 Corridor Joint Development Authority, and utility providers, played key roles in securing this investment, further demonstrating Georgia’s collaborative, business-friendly environment. The state has garnered more than $25 billion in investments and created over 30,000 jobs in the EV supply chain since 2018, highlighting its ascendancy in the automotive industry.
