In Savannah, Georgia, Hyundai is constructing facilities that will be solely devoted to the production of electric vehicles (EVs) and batteries. This will be Hyundai’s first plant in the United States that will produce only EVs (via CNBC). The South Korean automobile manufacturer will invest a total of $5.5 billion in the construction of the new facilities, and it will also receive an additional investment of $1 billion from its suppliers.
Construction on the 2,923-acre site is scheduled to begin in the early part of 2023, and Hyundai anticipates that production will begin there in the first half of 2025. The electric vehicle factory is expected to produce 300,000 vehicles each year and will result in the creation of approximately 8,100 new jobs. Hyundai does not provide any details regarding the electric vehicle models that will be manufactured at the plant; rather, the company only suggests that a “wide range” of models will be produced in Georgia. However, the business does mention that the battery-building facility “will be established through a strategic partnership.” The company does not reveal very much else about the facility.
Hyundai’s current lineup of electric vehicles includes the Kona Electric, the Ioniq 5, and the Nexo, which is powered by a hydrogen fuel cell. Kia, which is owned by Hyundai, also offers the all-electric EV6 and Niro, and Hyundai’s luxury Genesis brand features electric vehicles with model names such as GV60, GV70, and GV80. According to Hyundai Global COO José Muoz’s comments to Automotive News, the new facilities will be capable of producing up to six different models by the year 2028. The outlet was also informed by a source who was familiar with the situation that production could start with the Hyundai Ioniq and later expand to include a Kia EV pickup that has not yet been announced in the year 2026.
“The future of transportation is in the Peach State as we announce the largest project in our state’s history,” Governor Brian Kemp of Georgia said in a statement. “This will deliver high-quality jobs on the cutting edge of mobility to hardworking Georgians.”
Hyundai has stated that it plans to invest more than $10 billion in the United States by the year 2025 to develop a variety of technologies. These technologies include autonomous driving, robotics, artificial intelligence, and advanced air mobility. In addition to the new facilities in Georgia, Hyundai has made this announcement. The $5.5 billion that has been set aside for the company’s new electric vehicle plant is included in that fund.
This past week, the state of Georgia reached an agreement with Rivian in which the state agreed to provide the company with tax incentives totaling $1.5 billion in exchange for the company relocating to Georgia. It is anticipated that the $5 billion factory will generate approximately 7,500 jobs by the year 2028, and it will produce 400,000 electric vehicles each year.
The number of electric vehicle factories across the country is growing. Toyota is investing $1.29 billion in the construction of a battery factory in North Carolina, and General Motors has plans to bring its third electric vehicle battery factory to Michigan. Stellantis, the company that owns Jeep, Dodge, and Chrysler, is also anticipated to build an electric vehicle (EV) factory in the United States at some point in the future; however, the precise location of this facility has not yet been determined. In a similar vein, Ford and the South Korean battery manufacturer SK Innovation are constructing new factories in the states of Tennessee and Kentucky that will be dedicated to the production of electric vehicles. In the United States, Tesla already operates a number of factories that are solely devoted to the production of electric vehicles and batteries, and the company only recently opened a new facility in Austin, Texas.