Hyundai Motor Group intends to invest $5.5 billion in its first dedicated electric vehicle and battery plant in the U.S., joining General Motors, Ford, Volkswagen and other global auto giants that seek to dethrone Tesla as the world’s top EV brand.
The Seoul-based carmaker intends to build the factory on a 2,923-acre site in Bryan County, Georgia, near the port city of Savanah, with production there to begin in the first half of 2025. The facility will have the capacity to produce 300,000 vehicles annually and should employ more than 8,000 workers when fully operational.
“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.,” Executive Chairman Euisun Chung said in prepared remarks. The facility will be Hyundai’s first dedicated EV plant in North America.
Hyundai’s multibillion U.S. investment plan follows similar announcements from GM and Ford which are also pouring billions of dollars into new and expanded factories to churn out electric vehicles amid pressure to reduce climate-damaging emissions from cars and trucks. The company has set a goal of ranking among the top three EV sellers in the U.S. by 2026 and boosting its sales of battery-powered vehicles to 3.2 million units annually by 2030.
The news comes the same day that President Joe Biden, who is pushing for a dramatic increase in U.S. production and sales of electric vehicles to cut carbon emissions and increase domestic manufacturing, began his first officialChung, whose grandfather founded the automaker, attended a signing ceremony Friday in Bryan County with Georgia Governor Brian Kemp. Hyundai already builds vehicles for the U.S.
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