Hyundai Inks Deal to Build Full EV and Battery Plants in Georgia, US
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Hyundai Inks Deal to Build Full EV and Battery Plants in Georgia, US
South Korean automotive maker Hyundai Motor has revealed plans to invest about $5.5 billion in building electric vehicle (EV) and battery manufacturing facilities in the US. In a press release, Hyundai noted that the facilities would represent its first dedicated full EV and battery manufacturing facilities in the US. The company indicated that it would establish the plants on its 2,923-acre site outside Savannah, Georgia. Hyundai is the latest to join the list of automobile companies seeking to erect new production plans for EVs in the US. In 2021, the company pledged to invest $7.4 billion to support future mobility in the US by 2025.
The Biden administration has also encouraged companies like Hyundai to establish their EV supply and production in the US. Last year, the President of the United States Joe Biden aimed for EV manufacturers to amount to half of all new auto sales within the country by 2030. The government is keen on accelerating electrification in the country. While construction begins in early 2023, Hyundai expects production to start in the first half of 2025.
Hyundai is Building EV and Battery Facilities in the US
Hyundai made its decision on the facilities to support its vision of becoming the leader in the US EV market. Also, the commitment signifies the company’s dedication to supporting the economies where it operates and allegiance to sustainability via electrification. As Hyundai stated in the announcement, the US EV project will create around 8,100 new jobs. Hyundai revealed that it chose Georgia due to some market conditions that are favorable to the company. These benefits include a talented workforce and easy and fast market accessibility. In addition, the company has an existing network of affiliates and suppliers in Georgia.
The automobile company signed an agreement with the State of Georgia to further its plans. Georgia Governor Brian P. Kemp and other officials graced the official signing ceremony. Also, Hyundai Company President and CEO Jaehoon Chang and Hyundai Motor President and COO Jose Munoz were in attendance. The Executive Chair of the company, Euisun Chung, joined the ceremony virtually.
The Executive Chair commented on the new project and relationship with the State of Georgia:
“As one of the world’s most successful and advanced mobility leaders, we are incredibly proud to share our plan to open our first dedicated full EV and battery manufacturing facilities in the US. The US has always held an important place in the Group’s global strategy, and we are excited to partner with the State of Georgia to achieve our shared goal of electrified mobility and sustainability in the US.”
According to Hyundai, commercial production is expected to yield an annual capacity of 300,000 units. The company promises to share details of the production models at later dates.
Hyundai Inks Deal to Build Full EV and Battery Plants in Georgia, US