Hyundai Motor Group – reliable № 2 in the US electric car market in the first quarter – to plow $ 5.5 billion into its first dedicated E.V. factory in the USA, Automotive news learned.

The announcement was scheduled for Friday afternoon. The company declined to comment on the details.

The plant in Elabel, Georgia, about 30 miles northwest of Savannah, Georgia, is a cornerstone of Hyundai’s long-term investment in electric vehicles, and it will make it the first Asian automaker to allocate a plant in North America exclusively for production EV.

According to an industry source, Hyundai aims to produce up to six EV models at the new plant by the end of 2028.

The plant is scheduled to launch the Hyundai Ioniq 7 in 2025. The source said that production of the Kia EV pickup may begin in the first half of 2026, and in the second half – a compact EV pickup brand Hyundai. Genesis EV is also scheduled for release.

The Hyundai Group – the maker of the Hyundai, Kia and Genesis brands – has promised $ 16 billion globally by 2030 for EV. Kia Corp. has allocated about half of its five-year investment budget of $ 22 billion to future projects such as EV.

By 2030, the group plans to sell more than 3 million EVs worldwide annually. Hyundai and Genesis by 2030, the brands are developing 17 models with rechargeable electric batteries, and by 2027 Kia plans to release a line of 14 EV.

In the US, Hyundai is selling Kona Electric and Ioniq 5 crossovers, Kia is selling Niro EV and EV6 crossovers, and Genesis has just released the GV60, which shares a special EV platform with the Ioniq 5 and EV6. By next year, Hyundai will add an electric sedan, Kia will release a three-row electric crossover, and Genesis will add electric versions of the G80 sedan and GV70 crossover.

Hyundai has not said which models will be built at the new plant, but the automaker is looking to acquire more EVs in the critical North American market.

“We believe this is the perfect time to think about increasing our capacity in the United States and focus on what we believe is not only the future but also the present, and that is EV,” said Jose Munoz, Global CEO of Hyundai Motor Co. and CEO of Hyundai Motor North America, said Automotive news this month.

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