Hyundai Motor Group has entered into an agreement with the State of Georgia to build its first dedicated full electric vehicle and battery manufacturing facilities in the US. The new EV plant and battery manufacturing facilities represent an investment of approximately USD 5.54 billion.
The new facility will break ground in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units.
Hyundai says the investment decision will support its goal of becoming a leader in electric mobility in the US market.
The official signing ceremony was held in Bryan County, attended by Georgia Governor Brian P. Kemp and other Georgia officials as well as Hyundai Motor Company President and CEO, Jaehoon Chang, and Hyundai Motor President and Chief Operating Officer José Muñoz.
Hyundai Motor Group Executive Chair, Euisun Chung, joined the signing ceremony virtually.
Chung says: “As one of the world’s most successful and advanced mobility leaders, we are incredibly proud to share our plan to open our first dedicated full EV and battery manufacturing facilities in the U.S. The U.S. has always held an important place in the Group’s global strategy, and we are excited to partner with the State of Georgia to achieve our shared goal of electrified mobility and sustainability in the U.S.”
“The future of transportation is in the Peach State as we announce the largest project in our state’s history – delivering high-quality jobs on the leading edge of mobility to hardworking Georgians,” adds Governor Brian Kemp. “Not only are we thrilled to welcome Hyundai to Georgia’s coastal region, but it’s incredible that within a year of Georgia’s investment in the Bryan County Megasite, we are locating a world-class project here with a company with great Georgia history!”
The EV plant investment comes as a part of Hyundai’s 2021 announcement to invest USD 7.4 billion by 2025 to foster future mobility in the US, including production of EVs and offering smart mobility solutions.
