Hyundai to invest $5.5 billion to produce EVs and batteries in Georgia
Manufacturing is expected to start in 1H2025, with forecast to produce 300,000 EVs annually
• Manufacturing is expected to start in 1H2025, with forecast to produce 300,000 EVs annually
• Project will create 8100 new jobs in Georgia
Hyundai Motor on Friday said it would invest around $5.54 billion to build its first dedicated electric vehicle and battery manufacturing facilities in America.
The EV plant comes as a part of Hyundai’s earlier announcement to invest $7.4 billion by 2025 to foster future mobility in the US, including EV manufacturing and offering smart mobility solutions.
The investment is the latest example of a global carmaker seeking to establish new supply chains and manufacturing facilities in the US to produce EVs and tap the exponential demand and growth of the new-generation vehicles during the decade.
“The Group is accelerating its electrification efforts with the global target to sell 3.23 million full-electric vehicles annually by 2030,” Hyundai said in a release.
Hyundai also said it expects to produce a “wide range of full-electric vehicles for US customers at the new Georgia EV plant,” while mentioning that additional details will come later.
It’s also a significant win for the Biden administration, which has been urging carmakers to establish EV supply chains and production in the US rather than overseas.
Last year, President Joe Biden set a 2030 target for EVs to represent half of all new auto sales in the country.