Washington/Seoul-South Korea Hyundai Motor Group said on Friday it plans to invest about $5.54 billion to build its first dedicated full electric vehicle (EV) and battery manufacturing facilities in the United States.
Hyundai I will break ground on my new facility Georgia Commercial production is expected to begin in early 2023 and in the first half of 2025 with an annual capacity of 300,000 EV units, the company said in a statement.
The South Korean auto group said it intended to create about 8,100 jobs.
hyundai motor group houses Hyundai Motor Company And kia corpSaid that the battery manufacturing facility will be established through a strategic partnership, details of which will be disclosed later.
Reuters reported last week that Hyundai was in talks to build an EV manufacturing plant in the United States and had discussed it with Georgia officials.
The plant is a significant part of Hyundai’s $7.4 billion planned investment in the United States through 2025 to promote future mobility. The state of Georgia expects to attract $1 billion in additional investment from non-affiliated Hyundai Motor Group suppliers on top of the investment.
SK On, the battery arm of Hyundai’s battery supplier, SK Innovation, has built two adjacent plants in Georgia. The first, which mostly supplies Volkswagen AG, began production in the first quarter. The second, which will be supplied by Ford Motor Co., is set to begin production early next year.
SK On will supply batteries for the Ioniq 7, a source previously told Reuters. SK On said it could not comment on supply deals involving specific customers.
Hyundai’s US investment coincides with the arrival of US President Biden in South Korea on Friday.
The South Korean auto conglomerate, which is one of the world’s five largest automakers in terms of vehicle sales, has production sites in Alabama and Georgia. In April, Hyundai Motor said it plans to invest $300 million to add EVs to the Montgomery assembly.
Separately, Hyundai Motor Group said on Wednesday it plans to invest 21 trillion won ($16.43 billion) by 2030 to expand its EV business in South Korea.
Hyundai I will break ground on my new facility Georgia Commercial production is expected to begin in early 2023 and in the first half of 2025 with an annual capacity of 300,000 EV units, the company said in a statement.
The South Korean auto group said it intended to create about 8,100 jobs.
hyundai motor group houses Hyundai Motor Company And kia corpSaid that the battery manufacturing facility will be established through a strategic partnership, details of which will be disclosed later.
Reuters reported last week that Hyundai was in talks to build an EV manufacturing plant in the United States and had discussed it with Georgia officials.
The plant is a significant part of Hyundai’s $7.4 billion planned investment in the United States through 2025 to promote future mobility. The state of Georgia expects to attract $1 billion in additional investment from non-affiliated Hyundai Motor Group suppliers on top of the investment.
SK On, the battery arm of Hyundai’s battery supplier, SK Innovation, has built two adjacent plants in Georgia. The first, which mostly supplies Volkswagen AG, began production in the first quarter. The second, which will be supplied by Ford Motor Co., is set to begin production early next year.
SK On will supply batteries for the Ioniq 7, a source previously told Reuters. SK On said it could not comment on supply deals involving specific customers.
Hyundai’s US investment coincides with the arrival of US President Biden in South Korea on Friday.
The South Korean auto conglomerate, which is one of the world’s five largest automakers in terms of vehicle sales, has production sites in Alabama and Georgia. In April, Hyundai Motor said it plans to invest $300 million to add EVs to the Montgomery assembly.
Separately, Hyundai Motor Group said on Wednesday it plans to invest 21 trillion won ($16.43 billion) by 2030 to expand its EV business in South Korea.