The South Korean group aims to manufacture 300,000 units per year at the new EV facility, which is expected to begin production in 2025
Hyundai Motor Group signs agreement with Georgia for setting up its EV and battery plants in the US state. (Credit: Hyundai Motor Company)
Hyundai Motor Group has signed an agreement with the US state of Georgia to invest around $5.54bn to construct its first full electric vehicle (EV) and battery manufacturing facilities in the country.
The South Korean automotive manufacturer plans to begin construction on the EV plant in early 2023.
Production of the EVs is expected to start in the first half of 2025.
Hyundai Motor aims to manufacture 300,000 units of EVs per year at the new facility.
The company claimed that it will leverage artificial intelligence (AI) and data to optimise all processes of production, including order collection, procurement, logistics, and production.
The automaker said that the battery manufacturing facility will be set up through a strategic partnership. The details for the same will be revealed at a later stage, said the Korean group.
Both the EV and battery manufacturing plants will be located at a 2,923-acre site in Bryan County Georgia. The facilities will generate nearly 8,100 new jobs.
Georgia Governor Brian Kemp said: “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.
“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!”
Hyundai Motor said that it will manufacture a wide variety of full EVs for American customers at the new EV plant in Georgia. The group plans to share details of production models at later dates.
Hyundai Motor president and CEO Jaehoon Chang said: “We decided to build our first dedicated EV plant in the U.S. because America embraces change and drives innovation.
“This new EV plant is the future of our business, and It will help us meet the growing demands of our US customers who want leading-edge design, safe, zero-emissions vehicles now and in the future.”
Hyundai Motor’s investment in the EV plant in Georgia is part of its last year’s announcement to inject an amount of $7.4bn by 2025 to promote future mobility in the US. This includes the production of EVs and providing smart mobility solutions.
Separately, Hyundai Motor executive chair Euisun Chung following his meeting with US President Joe Biden in Seoul, South Korea, said that the group will invest over $10bn in the US by 2025. The investments will be made in robotics, autonomous driving, advanced air mobility (AAM), and AI.
Earlier this year, the Korean group revealed plans to invest nearly $16bn in the electrification of its vehicles through the end of this decade.