Hyundai invests $5.54 billion in US electric battery plants

The state of Georgia will soon be home to Hyundai’s first dedicated full electric vehicle and battery manufacturing facilities in the U.S. According to a company press release, “the Group’s U.S. investment decision will support its goal of becoming a leader in electric mobility in the U.S. market. It also highlights the Group’s commitment to sustainability through electrification and to supporting the economies where it operates.”

“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,” said Georgia Governor Brian Kemp.

The official signing ceremony was held in Bryan County, and was attended by 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.

“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.,” said Chung. “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.”

Hyundai’s release states that the new EV plant and battery manufacturing facilities represent an investment of approximately $5.54 billion USD. The new facility will break ground in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The Group plans to produce a wide range of full electric vehicles for U.S. customers at the new plant, and is expected to create about 8,100 new jobs.

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