Hyundai Motor Group and LG Power Resolution (LGES) are going to inject an extra $2 billion into their $4.3 billion US EV battery manufacturing facility.
Carmaker Hyundai and lithium-ion battery maker LGES signed a memorandum of understanding at LGES’s headquarters in Seoul in Might. The 2 firms will 50/50 open their EV battery plant in Bryan County, Georgia, south of Savannah. It will likely be adjoining to Hyundai Motor Group Metaplant America, at the moment below building.
The annual manufacturing capability of Hyundai and LG’s new battery plant will probably be 30 GWh, and it will likely be capable of help the manufacturing of 300,000 EVs yearly.
Hyundai Mobis will assemble battery packs utilizing cells from the battery manufacturing facility, then provide them to the Hyundai Motor Group’s US EV manufacturing facility, the place it would produce Hyundai, Kia, and Genesis EV fashions.
The EV manufacturing facility and the battery manufacturing facility collectively characterize greater than $7.5 billion in funding in Georgia with this new $2 billion injection. This boosts the variety of new jobs to be created to eight,500 over the following eight years.
The Biden administration’s Inflation Discount Act (IRA) provides a $7,500 tax credit score for EVs that meet home manufacturing necessities, together with batteries, in addition to incentives for firms to construct manufacturing hubs for EVs, batteries, and clear power.
Hyundai, Kia, and Genesis EV fashions at the moment don’t qualify if bought as a result of they don’t meet these home manufacturing necessities, so Hyundai and LGES determined to make this big joint industrial funding within the US.
Battery manufacturing is predicted to begin on the finish of 2025, on the earliest.
Learn extra: How US EV investments have rocketed in a yr – in numbers
Photograph: Hyundai
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