Hyundai Motor is building new battery factories for electric vehicles in Bryan County, Ga. Photo courtesy of Hyundai Motor
SEOUL, Sept. 1 (UPI) -- Georgia Gov. Brian Kemp said Hyundai Motor and LG Energy Solution of South Korea plan to nearly double their investment in a battery factory in the state, expecting to add another 400 jobs.
Originally, the two Korean firms had agreed to spend $2.3 billion in preparing for battery cell manufacturing facilities in Bryan County, Ga. The new agreement, announced Thursday, will bring an additional $2 billion investment in the project.
Upon completion in 2028, the 30 GWh battery facilities will support the production of around 300,000 electric cars per year at full operation.
Including Hyundai Motors's electric vehicle factories, which are under construction in Bryan County, the total investment by the two companies will reach $7.59 billion and add 8,500 jobs to the region during the next eight years.
Hyundai Motor is South Korea's top automaker, while LG Energy Solution is one of the leaders in the global EV battery market.
"This additional investment in Bryan County reflects our continued commitment to creating a more sustainable future powered by American workers," Hyundai Motor global COO José Muñoz said in a statement.
Kemp welcomed the deal.
"These types of major investments ultimately go to hardworking Georgians in the form of paychecks, improved schools and infrastructure and more," he said in a statement.
South Korean carmakers and battery manufacturers have increased their investment in the United States after the Inflation Reduction Act went into effect last year.
Under its guidelines, electric cars must be assembled in North America to qualify for tax credits in the U.S. market.
Mindful of the regulation, battery companies such as LG Energy Solution, Samsung SDI and SK Innovation, are working to reduce their dependence on China-sourced components.