Hyundai and LG announce $4.3 billion plant in Georgia to build batteries for electric vehicles – Winnipeg Free Press

ATLANTA (AP) — Hyundai and LG Energy Systems announced Thursday they will build a $4.3 billion electric battery plant on the site of Hyundai Motor Group’s new electric vehicle assembly plant in southeast Georgia.

The companies will split the investment and start production by the end of 2025. The companies did not say how many people would work at the plant.

Hyundai said it wants to “further accelerate its electrification efforts in North America.”

The South Korean automaker said it would build a $5.5 billion plant to assemble electric vehicles and batteries in Ellabell, near Savannah, by 2022. The site could grow to 8,100 employees and is scheduled to start producing vehicles in 2025.

It is the second large electric battery plant Hyundai has partnered to build in Georgia. Hyundai and SK On, a unit of South Korea’s SK Group, announced in December that they would jointly invest between $4 billion and $5 billion to build a new plant northwest of Atlanta that would supply electric batteries for Hyundai electric vehicles and Kia assembled in the US That plant, in Cartersville, is supposed to start production in 2025 and employ about 3,500 people.

Hyundai and SK On, a unit of Korea’s SK Group, made the announcement on Thursday. The plant, which will be located just west of Cartersville, would begin production in 2025 and employ about 3,500 people.

The announcement is part of a rush to buy electric vehicles and batteries in the US, fueled in part by federal incentives that are only valid for electric vehicles assembled in the country with batteries made in the United States.