South Korean Firms are Setting Their Sights on Georgia For a Battery Production Plant That Might Cost Upwards of $4 Billion
The Hyundai Motor Company and a South Korean battery manufacturer have announced plans to construct a new electric battery plant in Georgia for $4 billion to $5 billion. Three thousand five hundred people are expected to be employed at the plant north of Atlanta to produce batteries for American-made Hyundai and Kia electric vehicles.
If built, production might begin in 2025, the same year Hyundai anticipates opening a $5.5 billion electric vehicle plant in the Savannah area. Furthermore, the U.S. Inflation Reduction Act provides tax credits of up to $7,500 for electric vehicles, but only if the cars and their batteries are built in North America.