Hyundai to invest $5.5 billion in EV production facilities in Georgia

Hyundai is building electric vehicle (EV) and battery manufacturing facilities in Savannah, Georgia, marking Hyundai’s first EV-only plant in the US (via CNBC). The South Korean automaker will spend $5.5 billion on the new facilities and will receive an additional $1 billion investment from its suppliers.

Hyundai expects production on the 2,923 hectare site to begin in the first half of 2025, with construction to start in early 2023. The EV plant is expected to produce 300,000 vehicles per year and will add approximately 8,100 new jobs. Hyundai doesn’t specify which EV models will be factory-manufactured — it’s only referring to a “wide range” of models that will make it to Georgia’s assembly lines. The company isn’t revealing much about its battery building facility either, but notes that it “will be established through a strategic partnership.”

Hyundai’s EV range currently consists of the Kona Electric, Ioniq 5 and the hydrogen fuel cell-powered Nexo. Hyundai-owned Kia also sells the all-electric EV6 and Niro, while Hyundai’s luxury Genesis brand includes the GV60, GV70 and GV80 EVs. Hyundai Global COO José Muñoz said: Automotive News that up to six models will be produced in the new factories by 2028. A source with knowledge of the situation also told the outlet that production could begin with the Hyundai Ioniq and later expand with an undisclosed Kia EV pickup in 2026.

“The future of transportation lies in the state of Peach as we announce the largest project in our state’s history — providing quality mobility jobs to hard-working Georgians,” Georgia Governor Brian Kemp said in a statement. .

In addition to its new facilities in Georgia, Hyundai has announced that it plans to invest more than $10 billion in the US by 2025 to develop various technologies, including autonomous driving, robotics, AI and advanced air mobility. Part of that fund includes the $5.5 billion earmarked for its new EV plant.

Earlier this month, the state of Georgia signed a deal with Rivian, offering $1.5 billion in tax breaks to bring the company to the state. The $5 billion factory is expected to create about 7,500 jobs by 2028 and produce 400,000 EVs each year.

Elsewhere in the country, other EV factories are popping up. Toyota is building a $1.29 billion battery plant in North Carolina, and GM plans to bring its third EV battery plant to Michigan. Stellantis, the company that owns Jeep, Dodge and Chrysler, is also expected to build an EV plant somewhere in the US, but the location has yet to be confirmed. Likewise, Ford and South Korean battery maker SK Innovation are bringing new electric vehicle-focused plants to Tennessee and Kentucky. Tesla already has several factories dedicated to manufacturing batteries and EVs in the US, and opened another last month in Austin, Texas.

Update May 22, 5:30 PM ET: Updated to add an additional announcement from Hyundai.

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