It’s now official – Hyundai Motor Group has reached an agreement with the State of Georgia to build its first all-electric vehicle and battery manufacturing facilities in the United States. This decision is of course in line with Hyundai’s goal of becoming a leader in electric mobility in the US market.
This official announcement confirms a previous report from earlier this month.
The agreement was signed at a ceremony in Bryan County attended by Georgia Governor Brian P. Kemp and other Georgian officials as well as Hyundai Motor Company President and CEO Jaehoon Chang. and Hyundai Motor President and COO José Muñoz. Hyundai Motor Group Executive Chairman Euisun Chung participated in the signing ceremony virtually.
“The United States has always been an important part of 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 United States,” said Hyundai Motor Group Executive Chairman Euisun Chung.
Hyundai’s upcoming electric vehicle and battery manufacturing facilities will be located on a 2,923-acre site in Bryan County, representing an investment of approximately $5.54 billion. This is part of Hyundai’s previous announcement that it will invest $7.4 billion by 2025 to foster future mobility in the United States, including the production of electric vehicles and the provision of smart mobility solutions. .
The company will begin work in early 2023 and aims to start commercial production in the first half of 2025. The annual capacity of the electric vehicle factory is estimated at 300,000 units. On the other hand, the battery manufacturing plant will be established through a strategic partnership, the details of which will be announced later.
Hyundai said the facilities aim to produce a wide range of all-electric vehicles for US customers. The battery factory, meanwhile, wants to establish a stable supply chain and build a healthy electric vehicle ecosystem in the United States.
More importantly, the project is expected to create approximately 8,100 new jobs.