Korean firms plan $4 billion-plus battery plant in Georgia

(Ethan Stein)
Published: Dec. 8, 2022 at 11:48 AM EST
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ATLANTA (AP) — Hyundai Motor Group and a South Korean battery maker say they will jointly invest $4 billion to $5 billion in Georgia to build a new electric battery plant northwest of Atlanta.

Hyundai and SK On, a unit of Korea’s SK Group, made the announcement Thursday. The plant, to be located just west of Cartersville, would begin production in 2025 and employ a projected 3,500 people to supply batteries to Hyundai and Kia electric vehicles built in the United States.

It would begin production in 2025, the same year Hyundai plans to open a $5.5 billion electric vehicle plant near Savannah.

The investment is also being driven by the U.S. Inflation Reduction Act, which offers $7,500 tax credits for electric vehicles, but only if vehicles and batteries are assembled in North America.