Hyundai’s EV plant, Georgia’s biggest jobs deal, is getting bigger

Hyundai Motor Group and LG Energy Solution are planning to invest an additional $2 billion into their electric vehicle and battery manufacturing plant in Georgia, increasing the total investment to nearly $7.6 billion and creating 400 more jobs. The investment will support the production of 300,000 electric vehicles annually and enhance battery technology for greater range and lower weight.

ajc.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.

8/31/2023

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.

9/2/2023

US: Hyundai Ioniq BEV Sales More Than Tripled In August 2023

Hyundai Motor America reported a one percent increase in vehicle sales in the United States in August, with a year-to-date result of 526,186 units, while their all-electric car models, the Ioniq 5 and Ioniq 6, saw a significant year-over-year increase in sales, with 5,235 units sold in August, representing 8.0 percent of the total volume.

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.

9/13/2023

GM Charges Up Electric Vehicle Plans, Targets EV Dominance by 2025

General Motors is an undervalued and attractive investment in the electric vehicle market, with plans to expand its EV production capacity and a strong free cash flow guidance, although it faces competition and risks from contract negotiations and a potential U.S. recession.

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 8/31/2023, 9:16:23 PM