Hyundai Enters $5.54B Agreement to Build EV and Battery Plant in Georgia By Financial Eye

© Financial Eye. Hyundai Enters $5.54B Agreement to Build EV and Battery Plant in Georgia

By Michael Elkins

Hyundai Motors (OTC:) announced today that the company has entered into an agreement with the state of Georgia to build its first dedicated full electric vehicle and battery manufacturing facility in the country.

A signing ceremony was held at the sight of the future factory near Savannah. Governor Brian Kemp, along with company officials, outlined plans for the factory’s operations on the nearly 3,000-acre property. Hyundai will invest $5.54 Billion into the project with plans to employ about 8,100 people at the plant.

“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.,” Hyundai Motor Group Executive Chair Euisun Chung said in a news release. “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.”

As part of the company’s plans to invest $7.4 billion to expand electric vehicles in the U.S. by 2025, Hyundai officials said that they plan to break ground on the facility in 2023 with plans to begin production by 2025. Plans show that the factory will have the capacity to build 300,000 vehicles per year.

Hyundai will also build batteries on site with a joint venture partner that will be announced later.

Source: Investopedia