Hyundai Motor has confirmed its plans to spend $5.5 billion in building electric vehicle plants outside of Savannah, Georgia. These plants are expected to employ at least 8,100 employees and will begin operations in the first half of 2025.
With an annual production capacity of 300,000 vehicles, the investment is being referred to as the largest economic development project in the Georgia's history. Hyundai Motor Group CEO Jaehoon Chang made the official announcement with Georgia's Governor Brian Kemp at the site of the future factory in Bryan County.
The South Korean automaker mentioned that apart from assembling electric vehicles, the plants will also possess battery manufacturing facilities.
In an interview post announcement, Governor Kemp mentioned that the plants are a great opportunity for Georgians who will benefit immensely from the high-paying and advanced manufacturing jobs. He even predicts that this 'ripple effect' will further boost businesses from Savannah, Business Standard reported.
This is the second biggest EV plant announced in Georgia in less than a year, as a $5 billion electric truck plant east of Atlanta was announced by Rivian Automotive in December with an estimated employee count of 7,500.
According to CNBC, as the Biden administration has been encouraging companies to establish EV supply chains and production in the US rather than overseas, this investment is one step forward in achieving the target for EVs to represent half of all new auto sales in the country by 2030.
A major win to the Biden Administration, this announcement came as the President is visiting South Korea on his first Asia trip and is scheduled to meet Hyundai Motor chief regarding this new investment plan. Jake Sullivan, the president's national security adviser, told reporters Biden "will have the opportunity to say thank you for this significant investment that will occur in the United States."
In a press release, Hyundai revealed plans, "in accelerating its electrification efforts with the global target to sell 3.23 million full electric vehicles annually by 2030." The company further mentioned that it aims to produce a "wide range of full electric vehicles for U.S. customers at the new Georgia EV plant."
Until now only these details regarding the plan have been made public, the Motor company along with the administration are expected to release more information on the new facilities at a later date.
