Hyundai to invest $5.5 billion to build electric vehicles and batteries in Georgia

Hyundai to invest $5.5 billion to build electric vehicles and batteries in Georgia

The Hyundai logo is displayed at the #WeAreMobility show during the 97th Brussels Motor Show on January 18, 2019, in Brussels.

Dirk Waem | AFP via Getty Images

Hyundai Motor on Friday confirmed plans to spend $5.54 billion to build its first electric vehicle and battery manufacturing facilities in the United States.

The factories will be located outside of Savannah, Georgia in Bryan County, the company said. Operations are expected to open in the first half of 2025, with an annual production capacity of 300,000 vehicles, according to the South Korean automaker. About 8,100 new jobs are to be created.

The investment is the latest example of a global automaker seeking to establish new supply chains and production facilities in the United States to produce electric vehicles, which are expected to grow exponentially over the decade. .

It’s also a major victory for the Biden administration, which has urged companies to establish electric vehicle supply and production chains in the United States rather than overseas. Last year, President Joe Biden set a goal for electric vehicles to account for half of all new auto sales in the country by 2030.

“The group is accelerating its electrification efforts with the global goal of selling 3.23 million fully electric vehicles per year by 2030,” Hyundai said in a statement.

Hyundai also said it plans to produce a “wide range of all-electric vehicles for US customers at the new Georgia EV plant,” noting that additional details will come later.

The company announced the plans, the details of which were previously reported, after formally reaching an agreement with Georgia; state and local incentives and other details for the new facilities were not announced.

Hyundai said it chose Georgia “due to a range of favorable business conditions, including speed to market, a talented workforce, as well as the existing network of…subsidiaries and suppliers.”

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