The Hyundai Motor Group along with LG Energy Solution have announced that they’ll be adding an additional $2 billion in their joint venture to build a battery manufacturing plant in Georgia.
This additional funding will bring total investment costs to $4.3 billion. With this added boost in funding, Hyundai expects to add more jobs, promote local and state economic growth, and advance its pursuit of EV manufacturing here in the states.
What Is the Metaplant?
This new plant will be built in Bryan County, Georgia, and is a combination of two facilities. One facility will be the battery plant itself while the other facility will be an electric vehicle manufacturing plant. This manufacturing plant will produce critical EV components that will then be delivered to a Hyundai dealer near you. Collectively, these two plants will be known as the “Metaplant.”
This added boost in funding is expected to add 400 additional jobs, with an expected 8,500 new jobs over the next 8 years. Once the facility is completed, it plans to produce 300,000 electric vehicle batteries per year. Construction for the new facility is planned to start in January 2025.
Hyundai is the world’s third-largest automaker by vehicle sales. This new plant will serve as a testament to the automaker’s continued innovation in the electric vehicle landscape and commitment to U.S. manufacturing. Alongside LG, the two corporations plan to spend a total of $7.5 billion to meet the demand for electric vehicles across the nation. With this push to build electric in the U.S., you can plan for some big changes at your local Hyundai dealer in the coming years.
What Does This Mean For Your Local Hyundai Dealer?
The demand for electric vehicles has also gone hand in hand with the government’s push to put more EVs on U.S. roadways. As part of the 2022 U.S. Inflation Reduction Act, auto manufacturers are incentivized to build EVs here in the states. Drivers are also incentivized to shop EVs thanks to the available $7,500 consumer tax credit for qualifying purchases.
Automakers including Hyundai are also incentivized to go electric thanks to the available battery production tax credits. Hyundai auto part maker Hyundai Mobis plans to take advantage of these tax credits by assembling their battery packs using cells made in the Megaplant. Those battery packs will then be supplied to Hyundai Motor Manufacturing facilities throughout the US. These cells will be used to produce Hyundai, Kia, and Genesis electric vehicles.
So, how does this new Metaplant help you as a consumer? Well, when you visit your local Hyundai dealer, you’ll be able to reap the cost savings and other benefits of American-made parts and EVs.
Georgia Welcomes the Joint Venture
State Governor Brian Kemp and other state officials have welcomed this joint venture. Kemp shared in a 2022 press release the state’s elation for the new plant saying,del “With more Georgians working than ever before, record jobs and investment coming to all parts of our state, and award-winning workforce development programs and infrastructure, the Peach State’s economy is reaching new heights.”
In addition to Hyundai’s commitment to electric innovation, the automaker has proven its commitment to the local community as well. Since announcing plans for the new plans, Hyundai has donated over $120,000 to Georgia Tech for STEM education scholarship, while Hyundai Hope On Wheels presented $500,000 Hyundai Scholar Hope and Young Investigator Grants to Children’s Healthcare of Atlanta. Genesis Inspiration Foundation has also presented donations totaling $200,000 to two Georgia-based nonprofit organizations, Drawchange and Paint Love.
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