Hyundai Motor Group and battery partner LG Energy Solution will pour an additional $2 billion into the electric vehicle and battery complex currently under construction near Savannah, Ga., raising the total investment amount to $7.59 billion.
LG will assemble battery cells onsite at the EV factory — called Metaplant America — as part of a joint venture with the automaker. The total investment for the battery portion of the project is $4.3 billion, split 50-50 between the companies. It will have an annual battery capacity of 30 GWh.
The companies did not say how the additional investment will be spent. Hyundai announced in 2022 that it would invest $5.5 billion on the project.
The Hyundai-LG battery joint venture will create an additional 400 jobs for the site as part of the new investment, increasing the total employment at the Metaplant complex to 8,500 jobs.
Hyundai Mobis, a parts supplier owned by Hyundai Motor Group, will assemble the battery packs using cells from the plant. The batteries will be used to power 300,000 EVs that will be built at the site starting in January 2025. Six models from the Hyundai, Genesis and Kia brands will come from the plant.