Hyundai Motor Group and LG Energy Solution to invest additional $2B in Bryan County

Governor Brian P. Kemp today announced that 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. With today’s 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 U.S. 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 percent when compared to FY21.

U.S. is on the cusp of an electric vehicle (EV) revolution, as EVs are expected to make up half of new car sales worldwide by 2035 (Goldman Sachs). At the forefront of this growing market, LG Energy Solution Michigan’s second battery plant is now on track, with the aim of expanding its capacity five-fold. LGES Michigan is investing USD 1.7 billion into the expansion project, adding an additional 1.7 million square…

25 July 2023

Hyundai IONIQ 5 N debuted at the Goodwood Festival of Speed in West Sussex, England. This is Hyundai N’s first EV and combines the standard model’s Electrified-Global Modular Platform (E-GMP) with N’s motorsport-bred technologies and leverages N’s expertise from electrified ‘Rolling Labs’ to maximize the EV’s high-performance capabilities and ensure it meets N’s three performance pillars: ‘Corner Rascal,’ ‘Racetrack…

13 July 2023

NextStar Energy, the vehicle battery joint venture between Stellantis and LG Energy Solution, signed a binding agreement that secures the future of battery cell and module production in Windsor, Ontario and honors the commitments that were made by the Canadian government to level the playing field with the U.S. Inflation Reduction Act (IRA). Effective immediately, all construction at the NextStar Energy battery…

7 July 2023

LG Chem announced in South Korea that it has started mass production of high-nickel single-particle (single crystal) cathode materials for next-generation EV batteries at its Cheongju cathode material plant in June. The first batch of products will be sent to global customers in July. LG Chem plans to expand its single-particle cathode material production line to its Gumi plant by 2027 and expand its total…

29 June 2023

Hyundai held its 2023 CE Investor Day yesterday updating its “Hyundai Motor Way” strategy with accelerated electrification and future mobility goals. The company will implement this strategy and accelerate its transition toward becoming a smart mobility solution provider by securing a large-scale investment of KRW 109.4 trillion over the next 10 years. Furthermore, in order to secure leadership in the future…

21 June 2023

LG Energy Solution and Honda marked another major milestone of construction for its new joint venture EV battery facility this week when the first steel beam was installed at the plant site in Jeffersonville, Ohio. The companies have committed to invest $3.5 billion, with plans to create 2,200 jobs, in the over 2 million square feet facility, with an overall investment projected to reach $4.4 billion. The new joint…

21 June 2023

Hyundai Mobis began construction of a new EV battery system plant in Indonesia, which it plans to be completed by the first half of next year. Hyundai Mobis intends to set Indonesia as a beachhead as the country is emerging as the heart of the ASEAN market and catapulting to being a leader of the electrification ecosystem, which include cells, battery systems, and OEMs. The company announced that it had held a…

31 May 2023

LG Energy Solution (LGES) and Hyundai Motor Group announced an EV battery cell manufacturing joint venture in the U.S. today. LGES and Hyundai Motor Group signed a memorandum of understanding to produce EV batteries in the U.S. and further accelerate the Group’s electrification efforts in North America. The signing ceremony took place in LGES’s headquarters in Seoul on May 26 with the attendance of Youngsoo Kwon…

25 May 2023

SNE Research reported that the global EV battery market has recorded a 38.6% YoY growth in Q1 of 2023. The total amount of energy held by batteries for pure EVs, PHEVs, and HEVs was around 133 GWh. CATL remains the top market player with a growth rate of 35.9% and 35% market share. BYD experienced a staggering growth in the Q1 of 115.5% but ranks second in market share with 16.2%. LGES is third with a growth rate of…

5 May 2023

Hyundai Motor Group today announced its plans to set up an electric vehicle (EV) battery cell production joint venture in the US with partner SK On. The Group affiliates Hyundai Motor Company, Kia Corporation, and Hyundai Mobis each approved the plan at their respective board meetings today. In November 2022, the Group signed a memorandum of understanding (MOU) with SK On to secure EV battery supply for North…

25 April 2023

Hyundai Motor Group today announced its goal to become one of the world’s top 3 EV manufacturers by 2030 through the combined sales of Hyundai Motor, Kia and Genesis electric models, at the groundbreaking ceremony of Kia’s dedicated plant for purpose-built vehicle (PBV) production in Korea. The Group also highlighted its plans to invest KRW 24 trillion in the domestic EV industry through Hyundai Motor, Kia and…

11 April 2023

In celebration of Disney’s 100th anniversary, Hyundai Motor America unveiled its special IONIQ 5 Disney100 Platinum Concept car at the New York Auto Show. The car features special Disney-inspired visual accents and entertainment including lighting and iconic Disney music. This is the first time ever that Hyundai vehicle designers have created a vehicle with visual creative input from Walt Disney Imagineering…

5 April 2023

Hyundai today revealed the all-new 2024 Kona Electric in its North American debut at the New York International Auto Show. The all-new Kona is positioned as an upscaled multiplayer in the small SUV segment, led by an all-electric variant that offers advanced safety, convenience, and an outstanding electric range of 260 miles based on preliminary Hyundai internal estimates. The second-generation Kona offers one of…

5 April 2023

Factorial Energy, an industry leader in the development of solid-state battery technology for use in electric vehicles, today announced the establishment of a European office in Germany. As part of its presence in Europe, Factorial will be able to better serve its partners and customers in the automotive industry. Factorial has signed joint development agreements with Mercedes-Benz, Stellantis, and Hyundai. With…

28 March 2023