Hyundai and LG Energy to set up US battery cell manufacturing JV

URLhttps://evertiq.com/news/53781
Sourceevertiq
Date Published05/26/2023

Additional Reshoring Information:

Company/Division name Hyundai Motor Company with LG Energy Solution
Parent companyHyundai Motor Company with LG Energy Solution
Type of work Manufacturing
Reshoring category:Foreign Direct Investment
Year reshoring announced:2023
Year reshoring implemented or to be implemented:2024
Capital investment ($):4300
Country(ies) from which reshored:Korea, South
City reshored to:Savannah
State(s) reshored to:GA
If relevant, work nearshored to:-
Industry(ies):Electrical Equipment, Appliances & Components
Product(s) reshoredEV battery cells
What domestic positive factors made reshoring more attractive?Govt. Policy and subsidies, Higher productivity, Lead time/Time to market, Manufacturing/engineering joint innovation (R&D), Proximity to customers/market, IRA
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