Hyundai, LG to spend $2 billion more on Georgia battery plant

Hyundai Motor Group and LG Energy Solution are increasing their investment in a Georgia battery manufacturing plant by $2 billion, creating 400 more jobs, and bringing the total investment to $4.3 billion with an annual production capacity of 300,000 electric vehicle batteries.

cnn.com

Relevant topic timeline:

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.

8/28/2023

Hourly workers at GM joint venture to get a wage increase starting Monday

General Motors' joint-venture battery plant in Ohio will provide an immediate pay increase averaging 25% to its workers, along with back pay for hours worked since December.

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.

Topics

Posted 9/1/2023, 12:46:00 AM