Hyundai Motor Group and a South Korean battery maker say they will jointly invest $4 billion to $5 billion in Georgia to build a new electric battery plant
ATLANTA — — Hyundai Motor Group and a South Korean battery maker say they will jointly invest $4 billion to $5 billion in Georgia to build a new plant northwest of Atlanta that would supply electric batteries for Hyundai and Kia electric vehicles assembled in the United States.
It's another in a series of electric battery plants being built as part of automakers transition to electric vehicles. The investment is also being driven by the U.S. Inflation Reduction Act, which offers $7,500 tax credits for electric vehicles, butHyundai broke ground in Octoberin coastal Georgia, with plans to produce 300,000 vehicles a year and hire 8,100 workers.
Hyundai and SK On signed an agreement on Nov. 29 for SK to supply batteries to Hyundai in North America, although the companies said Thursday that details of their partnership are still being worked out. Georgia industrial recruitment officials are trying to capitalize on the transition to electric batteries to increase the state's presence in the auto industry. The state says that before Thursday's announcement,had been announced in the state since 2020, pledging nearly 23,000 jobs.
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