Hyundai Motor Group and LG Energy Solution to invest additional $2B in Georgia battery manufacturing JV
Hyundai Motor Group and LG Energy Solution (LGES) will invest an additional $2 billion in their battery cell manufacturing joint venture (JV) at the Metaplant in Bryan County, raising the JV’s total investment value to more than $4.3 billion. This expansion will create another 400 new jobs.
In May 2023, Hyundai Motor Group and LGES signed a memorandum of understanding establishing LGES as the partner for Hyundai Motor Group Metaplant America’s (HMGMA) onsite battery cell manufacturing JV. (Earlier post.) With the new announcement, the EV manufacturing facility and the battery JV represents an estimated $7.59 billion in investment and will create 8,500 new jobs for the region over the next eight years.
The 30 GWh facility will be able to support the production of 300,000 units of EVs annually at full operations. Hyundai Mobis will assemble battery packs using cells from the plant, then supply them to the Hyundai Motor Group’s US manufacturing facilities for production of Hyundai, Kia, and Genesis EV models.
As the emerging EV market continues to grow, Georgia has pursued job creation along the entire supply chain, resulting in more than $25 billion in investments and the creation of over 30,000 jobs since 2018. Battery related projects have accounted for at least $11 billion in investment. In fiscal year 2023, job creation in the automotive industry increased by 324% when compared to FY21.