Hyundai Motor Group and SK On mentioned they may construct a brand new battery manufacturing plant within the US state of Georgia to produce the Korean automaker’s US meeting vegetation.
Hyundai Motor Group and SK On, the lithium-ion battery subsidiary department of SK Innovation, not too long ago signed a memorandum of understanding (MOU) for a brand new EV battery manufacturing facility with particulars of the partnership nonetheless in growth, the businesses mentioned.
The businesses purpose to start operations in 2025 and mentioned “stakeholders estimate it should create greater than 3,500 new jobs via roughly $4-5 billion of funding” in Georgia’s Bartow County. Hyundai individually broke floor in October on a $5.54 billion electrical automobile (EV) and battery plant in Georgia’s Bryan County.
SK Innovation opened a $2.6-billion battery plant in Commerce, Georgia, in January that’s producing batteries for the Ford F-150 EV.
Hyundai and SK didn’t instantly say how a lot they plan to spend money on the battery plant. Automakers and battery firms are constructing battery meeting vegetation throughout america because the business shifts to electrical automobiles.
Hyundai, Kia and the South Korean authorities are closely lobbying the Biden administration to ease new guidelines that in August instantly made all EVs assembled outdoors North America ineligible for $7,500 tax credit — together with the Korean automakers’ EVs.
The South Korean authorities on Tuesday urged Treasury “interpret ‘business clear automobiles’ broadly” to incorporate rental automobiles, leased automobiles and automobiles bought to be used in Uber or Lyft rideshare fleets.
Georgia Governor Brian Kemp advised Reuters in October the EV tax credit score guidelines needs to be modified to make sure Hyundai and Kia automobiles can qualify for the credit score as it really works to finish its EV meeting plant within the state.
Kemp criticized the $430 billion local weather invoice accepted in August that rewrote the tax credit score guidelines.
“It was focused to assist quite a lot of union-based suppliers which might be in america,” Kemp mentioned.