Hyundai to build EV factory worth $5.5 billion in Georgia
Hyundai confirmed that it will build a factory worth $5.5 billion for manufacturing electric vehicles in Georgia. Hyundai said it will employ at least 8,100 workers at the EV factory near the unincorporated town of Ellabell, where it will assemble electric vehicles as well as vehicle batteries. According to a report by PTI, the company and state officials said they expect suppliers to invest an additional USD 1 billion.
Hyundai Motors said it is planning to start the construction early next year and begin production in the factory by 2025. The automaker is aiming to produce 3,00,000 electric vehicles per year. Hyundai didn't share which vehicle models the Georgia factory will manufacture. Hyundai Motors Chairman Euisun Chung said it will produce “a wide range of exciting, innovative EVs for our American customers." Hyundai's new electric vehicle factory will be spread over 2,200 acres.
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This EV factory will be Hyundai's first US plant dedicated to assembling electric vehicles and will also produce vehicle batteries. Hyundai Motor Group CEO Jaehoon Chang said, “This new, high tech EV plant represents the future of our business." Hyundai Motors Chairman Euisun Chung added this factory will produce a wide range of exciting, innovative EVs for their American customers.
This is the second big electric vehicle factory that has been announced in Georgia in less than a year. Rivian Automotive announced in December its plans for a $5 billion electric truck factory in the east of Atlanta. This factory is expected to employ about 7,500 workers.
In a previous report, Hyundai and Kia announced plans to spend 21 trillion won or $16.5 billion to boost the production of electric vehicles in South Korea. This investment includes the building of a new EV factory that will produce around 1,50,000 electric vehicles per annum. Both the automakers are pushing to increase their annual EV production to 1.44 million units by 2030.