Hyundai Motor plans electric vehicle manufacturing plant in US
Hyundai Motor Company is working on establishing a new electric vehicle manufacturing plant in the US and has been in discussions to build a facility in Georgia, near its existing plants for the Hyundai and Kia brands, Reuters reported, citing sources. Details of the investment, including its projected cost and the number of jobs it would be expected to create, is not known at the moment.
Once finalized, the new Georgia EV facility will serve both Hyundai and Kia as the brands move to roll out a pair of fully electric SUVs – the Ioniq 7 and EV9 – both aimed at the US market, the report stated. The news comes at a time when US President Joe Biden has been pushing for more investment in EVs and related suppliers to create jobs and drive a clean-energy agenda.
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The project will also mark a major economic development win for Georgia, which has pushed to establish itself as a regional hub for the emerging EV industry. Meanwhile, the Biden administration has said that it will allocate more than $3 billion in infrastructure funding to finance EV manufacturing. The govt aims for half of vehicles sold in the US to be electric by 2030.
Last month, Hyundai announced a $300-million investment to manufacture the all-electric Genesis GV 70 SUV and a hybrid version of the Santa Fe at its Alabama plant. The Genesis model would be Hyundai's first EV made in the US.
Hyundai affiliate Kia also last month said that it was looking to shift production to the US but was not considering a dedicated EV factory on its own, like Hyundai. While Hyundai plans to roll out17 EVs by 2030, including six for its luxury Genesis brand, Kia has said it will have 14 EVs by 2027.
