Hyundai Motor JV To Spend $2B More On Georgia Battery Plant

Hyundai Motor Co., Ltd. HYMLF HYMTF 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. 

The investment will raise the JV’s total value to over $4.3 billion, according to a statement from Georgia Governor Brian P. Kemp. This expansion will create another 400 new jobs.

The 30 GWh facility will be able to support the production of 300,000 units of EVs annually at entire operations. 

Also Read: Electrifying Move: Hyundai JV Invests ~$400M For 5% Stake In Korea Zinc, Bolstering EV Battery Raw Material Supply

Hyundai Mobis will assemble battery packs using cells from the plant and then supply them to the Hyundai Motor Group’s U.S. manufacturing facilities to produce EV models.

"This incremental investment in Bryan County reflects our continued commitment to create a more sustainable future powered by American workers,” said José Muñoz, president and global COO of Hyundai Motor Company and president and CEO of Hyundai and Genesis Motor North America.

Price Action: HYMTF shares closed lower by 0.27% to $38.16 on the last check Thursday.