South Korea-based automotive manufacturer Hyundai Motor Group has announced that it has entered into an agreement with the state of Georgia to build its first dedicated full electric vehicle (EV) and battery manufacturing facilities in the US.
The new plants will be located on a 1,180-hectare site in Bryan County and represent an investment of approximately $5.54bn. The project is expected to create about 8,100 new jobs.
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Commercial production is expected to begin in the first half of 2025, with an annual capacity of 300,000 units. The company plans to produce a wide range of full EVs for the US market.
Hyundai Motor Group chose to build its new production facilities in Georgia due to the state’s favourable business climate, speed to market, skilled talent pool and proximity to the company’s existing network of affiliates and suppliers. In addition, Georgia is the south-east US’s top state for EV registration per 1,000 registered automobiles. Georgia also offers the most EV charging stations per capita in the region.
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In a press release, chief executive officer Jaehoon Chang commented: “We decided to build our first dedicated EV plant in the US because the country embraces change and drives innovation. This new EV plant is the future of our business, and it will help us meet the growing demands of our US customers who want leading-edge design and safe, zero-emissions vehicles now and in the future.”
The investment forms part of Hyundai Motor Group’s plan to invest $7.4bn to advance future mobility in the US by 2025. Globally, it aims to sell 3.23 million full EVs annually by 2030. To achieve this, the company plans to establish a global production network to ensure a constant supply of EVs worldwide.
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By GlobalData
