Hyundai and LG to construct $4.3B EV battery plant in Georgia.
Hyundai Motor Group and LG Energy Solution will jointly build a $4.3 billion EV battery plant in Georgia, with an annual production capacity of 30 GWh, supporting the production of 300,000 EVs annually. The investment is expected to create 3,000 jobs. The move is aimed at meeting the domestic manufacturing requirements of the Biden administration’s Inflation Reduction Act, which offers a $7,500 tax credit for EVs. Construction of the plant will start in the second half of 2023, with battery production expected to start at the end of 2025 at the earliest.