Hyundai Motor Group and LG Energy Solution will invest an additional $2 billion (approximately 2.65 trillion KRW) in their battery production facility in Georgia, USA.
Site planned for Hyundai Motor Group's electric vehicle and battery factory in Bryan County, Georgia, USA. (Source: Savannah Economic Development Authority, Georgia, USA)
Brian Kemp, Governor of Georgia, expressed his gratitude to both companies in a press release on the 31st (local time).
Governor Kemp stated that with this announcement, a total of $7.59 billion (approximately 10 trillion KRW) will be invested in both the electric vehicle manufacturing facility and the battery joint venture, creating 8,500 jobs in the region over the next eight years.
Governor of Georgia announcing additional investment. Screenshot from Governor X (formerly Twitter).
Jose Munoz, Chief Operating Officer (COO) and Head of North America for Hyundai Motor Global, said, "This increased investment reflects our ongoing commitment to creating a sustainable future led by American workers."
Kim Dong-myung, Head of the Automotive Battery Division at LG Energy Solution, stated, "This investment demonstrates our determination to lead the electric vehicle transition in the U.S. in cooperation with our trusted partner Hyundai Motor Group and to strengthen the local economy by creating quality jobs."
Earlier in May, Hyundai Motor Group and LG Energy Solution agreed to establish a joint factory in Georgia to produce approximately 300,000 electric vehicle battery cells annually to supply electric vehicle batteries in North America.
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