Hyundai Motor Group is betting heavily on electric vehicles as the company announces plans to invest about $ 5.54 billion (£ 4.43 / € 5.25 billion) in the state of Georgia.
The huge investment will be used to build a dedicated electric vehicle and battery manufacturing facility on 2,923 acres in Bryan County, 31 miles (50 kilometers) from the port of Savannah. Hyundai noted that the port is “the single-largest and fastest-growing container terminal in the United States” and that the company appears to be focusing on exports at the top of local production.
While it remains to be seen, construction work on the plant will begin early next year and it will begin vehicle production in the first half of 2025. The plant will have an annual production capacity of 300,000 units and will create a “wide range. Fully electric vehicles for US customers.”
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Hyundai declined to say which vehicle, but a previous report suggested that this feature could be attributed to the Hyundai Ioniq 7 and Kia EV9. Both models were previewed by the concept last year and the big crossover that will appeal to American customers. They will ride on the e-GMP platform and offer three-row seating as well as a range of at least 300 miles (483 km).
Little is known about the battery plant, but Hyundai says it will be “established through a strategic partnership” and details will be released at a later date.
The project is expected to create approximately 8,100 new jobs and is specifically designed to support the company’s goal of “becoming a leader in electric mobility in the United States.” 2026.
“As one of the world’s most successful and advanced mobility leaders, we are incredibly proud to share our first dedicated full EV and battery manufacturing facility in the United States,” said Usun Chung, Executive Chair of Hyundai Motor Group. Holds a key position, and we look forward to partnering with the state of Georgia to achieve our shared goal of electrified mobility and sustainability in the United States. “