Hyundai to invest $5.5 billion to make EVs and batteries in Georgia
Key takeaways:
- Hyundai Motor on Friday approved plans to spend $5.54 billion to make its first reliable electric car and battery manufacturing facilities in the U.S.
- The operations are anticipated to open during the first half of 2025, with a yearly production capacity of 300,000 cars.
Hyundai Motor on Friday approved plans to spend $5.54 billion to make its first reliable electric car and battery manufacturing facilities in the U.S.
The firm said the plants would be located outside Savannah, Georgia, Bryan County.
According to the South Korean automaker, the procedures are anticipated to open during the first half of 2025, with a yearly production total of 300,000 cars. The systems are expected to make nearly 8,100 new jobs.
The acquisition is the latest instance of a global automaker aiming to launch new supply chains and production facilities in the U.S. to make electric cars, which are anticipated to increase exponentially during this decade.
It’s also a significant victory for the Biden administration, encouraging firms to establish electric car supply chains and production in the U.S. rather than overseas. President Joe Biden the previous year set a target for EVs to mean half of all new U.S. auto sales by 2030.
“The Group is revving its electrification measures with the global target to sell 3.23 million full-electric cars yearly by 2030,” Hyundai said.