Hyundai and LG to Construct $4.3B EV Battery Plant in US

May 26, 2023

Manufacturers must

adhere to new US sourcing requirements for EV battery components and critical minerals so that buyers of their vehicles can qualify for up to $7,500 in tax credits under the Inflation Reduction Act (IRA).

Vehicles from

Hyundai Motor Co and sister automaker Kia Corp are currently not eligible.

Hyundai and LGES

said construction of the factory in the state of Georgia will begin in the second half of 2023, with battery production starting at the end of 2025 at the earliest.

It will have

an annual production capacity of 30 gigawatt-hours (GWh), enough for 300,000 EVs, they said.

Hyundai Motor Group,

the worlds third-largest automaker by vehicle sales, is building EV and battery manufacturing facilities in Bryan County in the state, where its joint factory with LGES will be based.

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