Three lakh EVs a year! Upcoming Hyundai plant is worth $5.5 billion

Hyundai Motor Group has commenced working on its first dedicated electric vehicle (EV) plant in Georgia, US. Worth $5.5 billion, for the manufacturing plant in Bryan County west of Savannah, vast areas of the site have already been cleared of trees. The plant is expected to be up and running by 2025 with at least 8,100 employees. It will have the capacity to produce 300,000 electric vehicles per year.

The EV plant project is the largest economic development project in Georgia, as per the state officials. "This is transformational for the region, not just for people's children now, but for their grandchildren," Gov. Brian Kemp told AP. “This is going to be a project that will resonate for generations to come."

Hyundai has set a target of selling 3.23 million full electric vehicles annually by 2030

The celebration for the commencement of the project comes just five months after Hyundai announced the $5.5 billion manufacturing plant dedicated for electric vehicles. It started with Hyundai's yellow robotic dog delivering a champagne toast, after which Georgia's governor and junior US senator shared a brief bipartisan celebration.

With this initiative, Hyundai Motor Group aims to become the leader of electric vehicle transition in the US. It has set a target of selling 3.23 million full electric vehicles annually by 2030 and in order to achieve this goal, the Group plans to establish a global EV production network that will ensure a stable supply of EVs around the globe. “Our EVs are recognized as best in class, and we are determined to be the global leader in electrification, safety, quality, and sustainability," said Hyundai Motor Group Executive Chair Euisun Chung.

Hyundai's investment is also in line with the US government's roadmap to accelerate electrification, as global OEMs are announcing plans to expand their local EV production in the US. Last year, the country announced a new initiative under which sales of zero-emission vehicles should account for at least half of OEM’s new vehicle sales by 2030.