Together, the Hyundai, Kia and Genesis brands Hyundai Group says it intends to become one of the top three EV vendors in the US by 2026.
If you’re one of those calling this weekend to get a wild opportunity from dealers Hyundai Ioniq 5 in stock, stay tuned and be patient. To that end, the Group confirmed on Friday afternoon that it will build a specialized plant for the production of electric vehicles and batteries in Brian County, Georgia, which is located in the coastal region of the state, near Savannah.
Hyundai Ioniq 5 2022
The location can be useful for both exports and transport in general. It is located along I-95, about 30 miles from the port of Savannah – the second largest container port on the east coast. In the west, Kia has its manufacturing facility in the U.S. near the Alabama border, and Hyundai has a plant in Alabama. Battery maker SK Innovation is also building two Georgia plants that will be able to maintain 300,000 new EVs per year.
The Hyundai plant is not expected to start producing cars until the first half of 2025, but it will not be just a niche operation. According to Hyundai, this investment is about $ 5.54 billion and will create about 8,100 new jobs. With an annual capacity of 300,000 units, it will have twice the size of the Illinois electric plant, but will not be as large as Rivian’s Georgia plant and its projected capacity of 450,000, for example.
Genesis Electrified GV70
Hyundai has not yet announced which cars will be produced at the plant. In April, she announced plans to build all-electric Genesis GV70 in Alabama, and other Hyundai models can follow. Ioniq 7 – preview Seven concepts– this is one of the possibilities.
The plant’s financing is part of Hyundai Group’s planned $ 7.4 billion investment in the U.S. market by 2025 and part of a global goal of selling 3.23 million all-electric vehicles a year by 2030.
According to Atlanta Journal-ConstitutionHyundai’s plant is likely to receive a package of land grants and tax breaks, which competes with the $ 1.5 billion package received by Rivian.
Hyundai notes that Georgia is the leader in the southeast in the number of EV registrations per capita, although it should be noted that Georgia did not get there organically. Previously, the state had one of the strongest incentives for EVs – $ 5,000 per EV; but if it was repealed, a tax was imposed instead, EV sales down 90% in the coming months.