Hyundai and LG to spend an extra $2B on their US EV battery plant

Hyundai and LG Energy Solution are investing an additional $2 billion in their US battery factory, increasing the total investment to $7.5 billion and creating 8,500 new jobs over the next eight years, in order to meet domestic manufacturing requirements for EVs and qualify for incentives under the Biden administration's Inflation Reduction Act.

electrek.co

Relevant topic timeline:

7/28/2023

Pro Weekly: More Plans for Battery Gigafactories

- Two proposed factories for electric vehicle batteries have been added to The Information's Gigafactory Database. - The factories include a plan by Samsung SDI and Stellantis for a battery factory in the US, and a factory proposed by Tata Group in the UK for Jaguar Land Rover. - The Gigafactory Database now tracks a total of 66 planned factories in North America and Europe. - The database also assesses which factories are likely to be built and which ones won't be. - The addition of these factories reflects the growing demand for electric vehicles and the need for battery production facilities.

8/16/2023

Tracking the EV battery factory construction boom across North America

Main topic: The onshoring of battery manufacturing for EVs in the United States. Key points: 1. The number of battery factories in the US has increased significantly, with about 30 factories either planned, under construction, or operational. 2. The Inflation Reduction Act (IRA) signed by President Joe Biden has incentivized automakers and consumers to produce batteries domestically. 3. Automakers and battery manufacturers have collectively invested close to $100 billion in building domestic cell and module manufacturing, with a capacity of over 1,200 gigawatt-hours before 2030. Hint on Elon Musk: The article mentions Tesla's plans to invest billions in expanding its Gigafactory in Nevada and producing batteries for 1.5 million light-duty vehicles annually.

8/31/2023

Biden-Harris Administration Announces $15.5 Billion to Support a Strong and Just Transition to Electric Vehicles, Retooling Existing Plants, and Rehiring Existing Workers

The U.S. Department of Energy announced a $15.5 billion package of funding and loans to support the transition to electric vehicles, retool existing factories, and expand domestic manufacturing of batteries, emphasizing job retention and promoting equity and environmental justice.

9/4/2023

Biden faces increasing pressure to deliver ‘win-win’ EV transition amid union talks

The Biden administration faces pressure to deliver on its promise of better wages and benefits for workers at electric vehicle facilities as negotiations between the United Auto Workers union and major US automakers continue, with the announcement of up to $12 billion in loans from the Department of Energy to retrofit existing manufacturing facilities for EV production and create high-paying union jobs.

9/6/2023

Cummins, Daimler, PACCAR form joint venture for US battery cell production

Daimler Truck, Accelera, and PACCAR have formed a joint venture to advance battery cell production in the United States, focusing on lithium-iron-phosphate (LFP) battery technology for commercial electric trucks, with plans to invest between $2 billion and $3 billion to set up a 21-gigawatt hour (GWh) factory.

9/8/2023

Chinese Battery Maker Gotion to Build $2B Illinois Gigafactory, Creating Thousands of Jobs

Global EV battery developer Gotion High-Tech is investing $2 billion to build a new gigafactory in Illinois, making it the largest EV battery investment in the state's history, with the plant expected to produce 10 GWh of lithium-ion packs and 40 GWh of li-ion cells.

9/12/2023

LG Energy Solution Plans Major U.S. Expansion, Investing $2.3B in New Arizona Battery Plant to Triple ESS Revenues

LG Energy Solution unveiled its energy storage system (ESS) business strategies for the U.S., announcing plans to triple global revenues with ESS products in 5 years and invest $2.3 billion in the U.S., capitalizing on the fast-growing energy storage market and aiming to speed up the clean energy transition in the country.

9/16/2023

Tech Investment Brings Hope But Mixed Results to Rust Belt Manufacturing

Honda and LG are building a battery manufacturing plant in Ohio, representing a shift towards transforming the US industrial heartland into the "Silicon Heartland" and reshoring essential technologies, although some projects have faced challenges and not materialized as planned.

9/20/2023

Hyundai Speeds Up EV Factory Construction in Georgia, Now Aiming for 2024 Start to Qualify for Tax Credits

Hyundai plans to accelerate production of electric vehicles in Georgia, with the aim of starting in 2024, in order to take advantage of new clean vehicle tax incentives in the US.

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Posted 9/1/2023, 1:51:00 PM