Hyundai, LG to Build $4.3B EV Battery Plant
The project near Savannah will break ground later this year.
Image by CHUTTERSNAP via Unsplash
Hyundai Motor Group and LG Energy Solutions have partnered for the construction of a $4.3 billion battery production plant in Bryan County, near Savannah, Ga. Each partner will hold a 50 percent stake in the property. The joint venture will break ground on the project in the second half of 2023 and intends to start battery production by late 2025.
The plant will have an annual production capacity of 30 GWh, able to support the manufacturing of 300,000 EVs. Cells from the plant will be assembled into battery packs by Hyundai Mobis and will be supplied for the production of Hyundai, KIA and Genesis EV models.
The complex will be built adjacent to the EV Metaplant, which is already under construction. Together, the facilities are estimated to create more than 8,100 jobs and represent a total investment of $5.5 billion, according to Garrison Douglas, a spokesperson for Georgia Governor Brian Kemp, as reported by Yahoo Finance.
This is the seventh battery plant LGES has in the U.S., operating or under construction. Earlier this year, the company partnered with Honda to build a $3.5 billion facility in Fayette County, Ohio, in which it will retain a 51 percent majority stake. In December 2022, Hyundai also announced a partnership with SK Group to develop a similar manufacturing complex in Cartersville, Ga., with costs estimated at more than $4 billion.
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