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Hyundai Motor Group and LG Energy Solution are investing an additional $2 billion in their battery cell manufacturing joint venture in Georgia, the state’s governor, Brian Kemp, said Thursday.
The latest funds raise the total investment value to more than $4 billion.
"This major investment will strengthen communities through good-paying jobs, improve schools and infrastructure, and much more," Kemp said.
The auto manufacturing plant in Bryan County, Georgia, is scheduled to begin producing vehicles in January 2025, and will build 300,000 vehicles annually.
Hyundai said the two companies plan to spend a total of $7.59 billion, and create 8,500 new jobs over eight years.
That figure includes the battery plant, which has an annual production capacity of 30 gigawatt hours (GWh), as well as a separate electrical-vehicle manufacturing plant.