Another plant making batteries for electric vehicles is coming to Georgia, Hyundai and LG Energy Solution have revealed. The companies announced the establishment of a joint-venture battery facility in Savannah.
Hyundai and LGES will each own a 50 percent stake in the plant, and together they plan to invest $4.3 billion (KRW 5.7 trillion) in it. The automaker said that it will have an annual capacity of 30 GWh, or enough to supply 300,000 EVs per year.
“Hyundai Motor Group is focusing on its electrification efforts to secure a leadership position in the global auto industry,” said Jaehoon Chang, President and CEO of Hyundai. “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.”
Read: Hyundai To Break Ground On $5.5 Billion EV Plant In Georgia In October
The newly announced battery facility will be located right next to the $5.5 billion Meta Plant that Hyundai is building in Savannah. That location will produce the Hyundai Ioniq 7, as well as the Kia EV9, among other vehicles based on the E-GMP platform.
The new battery plant is just the latest the Hyundai Group has planned for Georgia, having announced a $5 billion battery production location in Bartow County in April. Reports suggest that another is also in the works, and all aim to start producing batteries for automobiles in the second quarter of 2025, when the Meta Plant is ready to start producing vehicles.
The newly announced battery facility is likely to help Hyundai and Kia EVs qualify for federal tax subsidies worth up to $7,500 for buyers of new electric vehicles. Only the purchasers of vehicles whose critical components were built in and mined in America (or one of its trading partners) qualify for the subsidies, which has pushed a number of automakers to invest in American manufacturing plants.
The groundbreaking ceremony for the new Savannah battery facility is expected to take place in the second half of this year.
