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 South Korea-based carmaker said the plants would be located outside of Savannah, Georgia, in Bryan County, and plans to produce 300,000 electric cars annually.
The operations are expected to start in the first half of 2025, and the company forecasted that the project would create 8,100 new jobs.
On the official website, Georgia State mentioned that Hyundai suppliers would invest another $1 billion in the project.
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.
Picture Credit: CNBC
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