May 23, 2022 - 11:59 am

Hyundai to build vehicle factory in the state of Georgia

Hyundai Motor Group has reached an agreement with the state of Georgia to build its first all-electric vehicle and battery manufacturing facility in the US.

This will be located in Bryan County and is expected to start production in H1 2025 with an annual capacity of 300,000 electric cars. The group plans to produce a wide range of all-electric vehicles for US customers at the new EV plant in Georgia.

Just over a fortnight ago, Hyundai confirmed that the South Korean carmaker plans to build a new plant to build electric cars in the US. There were also initial rumours about the first two BEV models that the South Korean company wants to build in the new plant. These are said to be the E-GMP models Hyundai Ioniq 7 and Kia EV9 for the US market. Hyundai has not yet confirmed this.

The manufacturer also plans to announce further details about the new plant as well as the battery production, which will be built as part of a strategic partnership, at a later date. Construction is scheduled to begin in early 2023.

The investment in the production facility for pure electric vehicles and batteries amounts to around 5.5 billion US dollars. The investment in the EV plant is part of the group’s announcement to invest around $7.4 billion in the US by 2025 to “promote future mobility in the US”, including producing electric vehicles and offering smart mobility solutions.

Last week, Hyundai and Kia also announced plans to invest 21 trillion won (just under $17 billion) in electric car production in South Korea by 2030. The goal is to increase annual production from an estimated 350,000 units this year to 1.44 million units in 2030. Globally, Hyundai and Kia want to produce as many as 3.23 million electric cars in 2030, 45 per cent of which will come off the assembly line in South Korea. Kia itself wants to build a plant for so-called “purpose-built vehicles” with a capacity of 150,000 units in Hwaseong.

hyundainews.com

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Found on electrive.com
https://www.electrive.com/2022/05/23/hyundai-to-build-vehicle-factory-in-the-state-of-georgia/
23.05.2022 11:19