The Hyundai Motor Group is betting big on electric vehicles as the company has announced plans to invest approximately $5.54 billion (£4.43 B / €5.25 B) into the state of Georgia.
The massive investment will be used to construct dedicated electric vehicle and battery manufacturing facilities on a 2,923 acre site in Bryan County, which is less than 31 miles (50 km) from the Port of Savannah. Hyundai noted the port is the “single-largest and fastest-growing container terminal in the U.S.” and this seems to suggest the company might be eyeing exports on top of local production.
While that remains to be seen, construction on the plant is slated to begin early next year and it should begin producing vehicles in the first half of 2025. The plant will have an annual production capacity of 300,000 units and will build a “wide range of full electric vehicles for U.S. customers.”
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Hyundai declined to say which vehicles, but previous reports have suggested the facility could be tasked with making the Hyundai Ioniq 7 and Kia EV9. Both models were previewed by concepts last year and are large crossovers that will appeal to American consumers. They’re slated to ride on the E-GMP platform and offer three rows of seating as well as ranges of at least 300 miles (483 km).
Less is known about the battery plant, but Hyundai said it will be “established through a strategic partnership” with details being released at a later date.
The project is expected to create approximately 8,100 new jobs and is designed to support the company’s goal of “becoming a leader in electric mobility in the U.S.” In particular, the Hyundai Motor Group wants to become one of the top three EV providers in America by 2026.
Hyundai Motor Group Executive Chair Euisun Chung said, “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.” He added, “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.”
