Hyundai, LG to invest additional $2 billion in Georgia battery plant

Hyundai Motor Group and LG Energy Solution are investing an additional $2 billion in their battery cell manufacturing joint venture in Georgia, raising the total investment value to over $4 billion and creating 8,500 new jobs over eight years.

foxbusiness.com

Relevant topic timeline:

8/16/2023

GM partners with startup Mitra Chem to develop affordable EV batteries

Main topic: General Motors' investment in Mitra Chem for battery materials development. Key points: 1. General Motors is leading a $60 million Series B round into Mitra Chem, a battery materials startup. 2. GM's investment is in line with its commitment to build a U.S.-focused battery supply chain. 3. Mitra Chem uses AI to accelerate the development of battery cell formulas and cathode synthesis. Hint on Elon Musk: Elon Musk is the CEO of Tesla, a leading electric vehicle manufacturer and competitor to General Motors.

9/6/2023

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

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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

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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, 1:49:49 AM