Hyundai Motor Group (the Group) announced it has entered into an agreement with the State of Georgia to build its first dedicated full electric vehicle and battery manufacturing facilities in the U.S.
The Group’s U.S. investment decision will support its goal of becoming a leader in electric mobility in the U.S. market. It also highlights the Group’s commitment to sustainability through electrification and to supporting the economies where it operates.
The official signing ceremony was held in Bryan County, attended by Georgia Governor Brian P. Kemp and other Georgia officials as well as Hyundai Motor Company President and CEO, Jaehoon Chang, and Hyundai Motor President and Chief Operating Officer José Muñoz. Hyundai Motor Group Executive Chair Euisun Chung joined the signing ceremony virtually.
“The future of transportation is in the Peach State as we announce the largest project in our state’s history – delivering high-quality jobs on the leading edge of mobility to hardworking Georgians,” said Governor Brian Kemp. “Not only are we thrilled to welcome Hyundai to Georgia’s coastal region, but it’s incredible that within a year of Georgia’s investment in the Bryan County Megasite, we are locating a world-class project here with a company with great Georgia history!”“As one of the world’s most successful and advanced mobility leaders, we are incredibly proud to share our plan to open our first dedicated full EV and battery manufacturing facilities in the U.S.,” said Hyundai Motor Group Executive Chair Euisun Chung. “The U.S. has always held an important place in the Group’s global strategy, and we are excited to partner with the State of Georgia to achieve our shared goal of electrified mobility and sustainability in the U.S.”
The new EV plant and battery manufacturing facilities represent an investment of approximately USD 5.54 billion. The new facility will break ground in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The battery manufacturing facility will be established through a strategic partnership, which the details will be disclosed at a later stage.The Group plans to produce wide range of full electric vehicles for U.S. customers at the new Georgia EV plant. Details of production models will be shared at later dates. The local EV production will increase U.S. consumer accessibility to the Group’s innovative EVs. Through the battery manufacturing facility, the Group also aims to establish a stable supply chain and build a healthy EV ecosystem in the U.S.
The EV and battery manufacturing plant will be located on a dedicated 2,923-acre site in Bryan County Georgia, with immediate access to I-95 and I-16 highways which creates easy access to 250 major metro areas. It is less than 50 kilometers from the Port of Savannah, the single-largest and fastest-growing container terminal in the U.S. with two Class I rail facilities on-site provided by Georgia Central Railway. West Point, Georgia is already home to the Group’s Kia manufacturing hub in the US.
Hyundai Motor Group selected Georgia as the Group’s EV and battery production site due to a range of favorable business conditions, including speed-to-market, talented workforce, as well as existing network of the Group affiliates and suppliers.
Georgia is the Southeastern leader for EV registration per 1,000 registered automobiles. To support these drivers, Georgia is constantly developing access to publicly available EV charging stations and already offers more outlets per capita than anywhere else in the Southeast. The Group’s new investment will help accelerate the state’s sustainable shift to electrification.
Continuing the Group’s support for the U.S. economy, the project is expected to create about 8,100 new jobs.
The EV plant investment comes as a part of the Group’s 2021 announcement to invest USD 7.4 billion by 2025 to foster future mobility in the U.S., including production of EVs and offering smart mobility solutions.