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midstream team covering costs and pricing across legacy and emerging battery technologies. She works closely on the Cell Price Assessments and the Battery & Gigafactory Forecast. Shivangee graduated from Imperial College London with an MSc in Finance and is currently pursuing the CFA charter.","bd17464d-863d-4fec-a7a3-a83cee530df1",{"id":551,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":552,"copyright":547,"fieldtype":553,"meta_data":554,"is_external_url":50},153744353568974,"https://a.storyblok.com/f/287943243085208/400x400/721040cfe1/shivangee-chauhan.jpeg","asset",{},"https://www.linkedin.com/in/shivangee-chauhan-495638190/","author","Senior Analyst - Battery Cost","Battery and Gigafactory and New Technology ",[],[],[562],{"id":563,"uuid":564,"name":565,"slug":566,"full_slug":567,"content":568},168647683375712,"f9334156-063f-4bb3-92fe-ca8439f38a5c","Hyundai-LGES Georgia plant manages regulatory costs ahead of delayed opening","hyundai-lges-georgia-plant-manages-regulatory-costs-ahead-of-delayed-opening","article/hyundai-lges-georgia-plant-manages-regulatory-costs-ahead-of-delayed-opening",{"_uid":569,"date":570,"tags":571,"editor":581,"content":591,"excerpt":706,"featured":51,"reporter":707,"component":711,"seo_title":712,"categories":713,"visibility":718,"data_vis_image":719,"featured_image":721,"seo_description":725,"formattedDate":726},"7c71e038-9e5a-4663-8f1a-4d4e551dc99f","2026-04-22 00:00",[572,575,578],{"slug":573,"name":574},"ncm","NCM",{"slug":576,"name":577},"lges","LGES",{"slug":579,"name":580},"ev","EV",[582],{"slug":583,"name":584,"content":585},"benjamin-roche","Benjamin Roche",{"job_title":586,"image":587,"bio":589,"linkedin":590},"Editor – Energy Transition Supply Chains",{"filename":588},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":592,"content":593},"doc",[594,636,644,656,664,672,680,690,698],{"type":595,"attrs":596,"content":597},"paragraph",{"textAlign":49},[598,606,617,622,631],{"text":599,"type":600,"marks":601},"Hyundai and ","text",[602],{"type":603,"attrs":604},"textStyle",{"color":605},"#000000",{"text":577,"type":600,"marks":607},[608,615],{"type":609,"attrs":610},"link",{"href":611,"uuid":612,"anchor":49,"target":613,"linktype":614},"/article/lges-signs-4-3-billion-bess-cell-supply-deal-with-tesla","c9e36cab-5f2c-4a05-9341-1aad24c0277d","_blank","story",{"type":603,"attrs":616},{"color":605},{"text":618,"type":600,"marks":619},"’ joint gigafactory in Georgia is speculated to start production in H1 2026. Announced in May 2023, the 30GWh facility in Georgia, US is central to localising ",[620],{"type":603,"attrs":621},{"color":605},{"text":623,"type":600,"marks":624},"electric vehicle supply chains",[625,629],{"type":609,"attrs":626},{"href":627,"uuid":628,"anchor":49,"target":613,"linktype":614},"/article/global-ev-sales-reached-1-75-million-units-in-march-2026","659252f9-9755-4aa0-be80-9c0d7bf3b18c",{"type":603,"attrs":630},{"color":605},{"text":632,"type":600,"marks":633},". ",[634],{"type":603,"attrs":635},{"color":605},{"type":595,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":600,"marks":641},"Plans for a 2026 start of production were threatened in September 2025, when more than 300 workers were detained by Immigration and Customs Enforcement (ICE) while investigating the immigration status of site staff. This created a labour shortfall at a critical phase of construction. The workers were held but released soon after, and many have since reacquired visas and returned, allowing progress to resume. The construction has since been resumed with minor delays to the original timeline.",[642],{"type":603,"attrs":643},{"color":605},{"type":645,"attrs":646,"content":648},"heading",{"level":647,"textAlign":49},2,[649],{"text":650,"type":600,"marks":651},"Missed tax credit risk",[652,654],{"type":603,"attrs":653},{"color":605},{"type":655},"bold",{"type":595,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":600,"marks":661},"Before the raid in September, the financial stakes were raised when LGES announced that the capital required for the project had risen from USD$5.54 million to $7.59 million due to higher construction costs. In February, stakeholders suggested a two to three-month delay; more recent updates indicate the project is now aiming to begin operations as early as next month.",[662],{"type":603,"attrs":663},{"color":605},{"type":595,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":600,"marks":669},"However, even a short disruption carries meaningful costs. The plant is set to produce high-nickel NCM pouch cells, and at this scale, a one-month delay can equate to ~USD$90 million in lost revenue and about $37 million in missed Inflation Reduction Act (IRA) Section 45X production tax credits. ",[670],{"type":603,"attrs":671},{"color":605},{"type":595,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":600,"marks":677},"The episode highlights how dependent project economics is on federal incentives. Since 2024, LGES would likely have been operating at a loss without IRA tax credits. Instead, the subsidies have supported positive operating margins, offsetting high capital costs and pricing pressure as the company scales US production.",[678],{"type":603,"attrs":679},{"color":605},{"type":681,"attrs":682},"blok",{"id":683,"body":684},"9cf6ef6b-6202-4fc7-8018-6b0b941d79b1",[685],{"id":686,"_uid":687,"type":688,"component":689,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28633551","i-3af3b5b8-581f-45ea-8580-b540c235dde9","visualisation","ContentFlourish",{"type":595,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":600,"marks":695},"More broadly, the IRA has catalysed rapid investment across the domestic battery supply chain. The wave of growth has resulted in significant NCM EV-focused overcapacity in the region, however, and many producers, including LGES, are converting unused factory space for LFP BESS production. Yet stricter material sourcing requirements risk limiting tax credit availability for this, as the LFP supply chain remains firmly Chinese-owned.",[696],{"type":603,"attrs":697},{"color":605},{"type":595,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":600,"marks":703},"For Hyundai and LGES, the Georgia plant remains a strategic anchor despite wider concerns over demand for NCM EV cells. Its recent disruption, though temporary, underscores a wider reality that the success of the US cell market is likely to hinge on subsidies, construction speed, and evolving geopolitics.",[704],{"type":603,"attrs":705},{"color":605},"Hyundai and LGES’ joint gigafactory in Georgia is speculated to start production in H1 2026. Announced in May 2023, the 30GWh facility in Georgia, US is central to localising electric vehicle supply chains. \n\nPlans for a 2026 start of production were threatened in September 2025, when more than 300 workers were detained by Immigration and Customs Enforcement (ICE) while investigating the immigration status of site staff. This created a labour shortfall at a critical phase of construction. The workers were held but released soon after, and many have since reacquired visas and returned, allowing progress to resume. The construction has since been resumed with minor delays to the original timeline.",[708],{"slug":544,"name":543,"content":709},{"job_title":557,"image":710,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"article","Hyundai-LGES Georgia plant manages costs ahead of delayed opening",[714,717],{"slug":715,"name":716},"batteries","Batteries",{"slug":579,"name":580},"private",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":720},{},{"id":722,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":723,"copyright":547,"fieldtype":553,"meta_data":724,"is_external_url":50},129068243967149,"https://a.storyblok.com/f/287943243085208/abafc19b9b/bm-hyundai-kona-electric-july2018-24-exterior-2.jpg",{},"Hyundai and LGES’ joint gigafactory in Georgia is speculated to start production in H1 2026. Announced in May 2023, the 30GWh facility in Georgia, US is central to localising electric vehicle supply chains.","Apr 22, 2026",1783093206963]