South Korean companies Hyundai Motor Group and LG Energy Solution say they will build a $4.3bn plant to make batteries for electric vehicles (EVs) in Savannah, Georgia.
It’ll be sited next to Hyundai’s “Metaplant America” EV plant now being built (see further reading).
The 50:50 joint venture hopes to begin operations by the end of 2025, and to achieve an annual production capacity of 30GWh – enough to power 300,000 EVs.
Jaehoon Chang, Hyundai’s chief executive, said in a statement that the plant would “secure a leadership position in the global auto industry”.
He added: “We will create a strong foundation to lead the global EV transition through establishing a new EV battery cell plant with LG Energy Solution, a leading global battery producer and long-time partner.”
The company said last year it would invest $5.5bn to assemble EVs and batteries in Ellabell, just west of Savannah. The site will have 8,100 employees and is also slated to begin production in 2025.
Fortune magazine notes that in addition to the assembly and battery plants, auto parts suppliers have pledged to invest more than $2bn and hire 4,800 people in the region around the Hyundai site.