Hyundai Motor Group is betting heavily on electric vehicles as the company announced plans to invest approximately $ 5.54 (4.43 pounds / 5.25 euros) billion in Georgia.
Huge investments will be used to build special electric vehicle and battery plants on a 2,923-hectare site in Brian County, less than 31 miles (50 km) from the port of Savannah. Hyundai noted that the port is “the largest and fastest-growing container terminal in the U.S.,” and this seems to suggest that the company can count on exports in addition to local production.
It remains to be seen, construction of the plant should begin early next year, and car production should begin 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 all-electric vehicles for customers from the US”.
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Hyundai declined to say which vehicles, however previous reports suggested that the company could be tasked with producing the Hyundai Ioniq 7 and Kia EV9. Both models were previewed by concepts last year and are great crossovers that will appeal to American consumers. It is planned that they will run on the E-GMP platform and offer three rows of seats, as well as a range of at least 300 miles (483 km).
Less is known about the battery plant, but Hyundai has said it will be “established as part of a strategic partnership” and details will be released later.
The project is expected to create about 8,100 new jobs and is designed to support the company’s goal of “becoming a leader in electric mobility in the United States.” In particular, Hyundai Motor Group wants to become one of the three leading EV suppliers in America. 2026
Hyundai Motor Group CEO Yuan Chung said: “As one of the world’s most successful and advanced leaders in mobility, we are incredibly proud of our plan to open our first specialty production for EVs and batteries in the US,” he added. The United States has always been at the forefront of the Group’s global strategy, and we look forward to partnering with Georgia to achieve our common goal of electrified mobility and sustainability in the United States. “