Hyundai Building $5.4-Billion EV, Battery Factory In US
It’s now official – Hyundai Motor Group has entered an agreement with the state of Georgia to build its first dedicated full electric vehicle and battery manufacturing facilities in the US. This decision is, of course, in line with Hyundai’s goal to become a leader in electric mobility in the US market.
This formal announcement confirms a previous report from earlier this month.
The agreement was penned in a ceremony 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.
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“The US 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 US,” said Hyundai Motor Group Executive Chair Euisun Chung.
Hyundai’s upcoming EV and battery manufacturing facilities will sit on a 2,923-acre site in Bryan County, representing an investment worth around $5.54 billion. This is part of Hyundai’s previous announcement that it will invest $7.4 billion by 2025 to foster future mobility in the US, including the production of EVs and offering smart mobility solutions.
The company will break ground in early 2023 and targets starting commercial production in the first half of 2025. The annual capacity of the EV factory is estimated to be 300,000 units. On the other hand, the battery manufacturing facility will be established through a strategic partnership, with details to be announced later.
Hyundai said that the facilities aim to produce a wide range of full-electric vehicles for American customers. The battery factory, on the other hand, wants to establish a stable supply chain and build a healthy EV ecosystem in the US.
More importantly, the project is expected to create about 8,100 new jobs.
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