The Hyundai Group — maker of the Hyundai, Kia and Genesis brands — has promised $16 billion worldwide by 2030 for electric vehicles. Kia has earmarked about half of its $22 billion five-year investment budget for future projects like electric cars.
By 2030, the group plans to achieve annual sales of 3.23 million electric vehicles worldwide. Until then, the Hyundai and Genesis brands are developing 17 electric car models worldwide; Kia plans to release 14 electric cars by 2027.
The start of commercial production at the electric vehicle assembly plant in Georgia is planned for the first half of 2025. The plant will create 8,100 jobs and have the capacity to produce 300,000 electric vehicles annually.
But the automaker says that could increase to 500,000 depending on demand.
In May, Hyundai declined to name the factory’s battery supplier, but Hyundai and Kia use SK Innovation batteries in some of their vehicles. And South Korea’s SK Innovation – the parent company of SK On – already operates a $2.5 billion battery plant in northern Georgia.
The new car plant will produce up to six nameplates for the Hyundai, Kia and Genesis brands.