Hyundai Motor stated on Friday that it will invest $5.54 billion in the United States to develop its first dedicated electric vehicle and battery manufacturing facility.
The factories will be located in Bryan County, Georgia, just outside of Savannah, according to the firm. According to the South Korean manufacturer, the activities are planned to commence in the first half of 2025, with a production capacity of 300,000 vehicles per year. A total of 8,100 new employment will be generated.
The investment is the latest example of a major automaker looking to develop new supply chains and manufacturing facilities in the United States in order to produce electric vehicles, which are predicted to grow at a rapid rate over the next decade.
It’s also a big success for the Biden administration, which has been pressing companies to build supply chains and manufacture electric vehicles in the United States rather than overseas. President Joe Biden set a goal for electric vehicles to account for 50% of all new car sales in the United States by 2030.
“The Group is accelerating its electrification efforts with the global target to sell 3.23 million full electric vehicles annually by 2030,” Hyundai stated in a statement.
Hyundai also stated that the new Georgia EV facility will build a “wide range of full electric vehicles for U.S. customers at the new Georgia EV plant,” adding that further information will be released later.
After officially signing into an agreement with Georgia, the corporation disclosed the intentions, which were previously reported; state and municipal incentives, as well as other information for the new facilities, were not announced.
Hyundai chose Georgia “due to a range of favourable business conditions, including speed-to-market, talented workforce, as well as existing network of … affiliates and suppliers,” according to the company.