Hyundai, LG to Build $4.3B EV Battery Plant

URLhttps://www.commercialsearch.com/news/hyundai-lg-t
SourceCommercial Property Executive
Date Published05/29/2023
Author NameRadu Corfus

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
Total number of jobs (added or to be added):8100
Year reshoring announced:2022
Year reshoring implemented or to be implemented:2025
Capital investment ($):5500
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 batteries
What non-domestic negative factors made offshoring less attractive?Green considerations
What domestic positive factors made reshoring more attractive?Govt. Policy and subsidies, Lead time/Time to market, Manufacturing/engineering joint innovation (R&D), Proximity to customers/market, IRA
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