Hyundai Motor Group, the third largest car manufacturer after Toyota and Volkswagen, has entered an agreement with the state of Georgia to build its first dedicated full electric vehicle and battery manufacturing facilities in the US. The company has a goal to become a leader in electric mobility in the US market.
Hyundai, which owns Genesis luxury car brand and the controlling share of Kia, is investing $5.54 billion to build the EV and battery manufacturing facility on a 2,923-acre site in Bryan County. This investment emphasis the great strides Hyundai has been making in the electric vehicle sector, its electric model – the Ioniq 5 – won the World Car Awards, Car of the Year category, while Kia EV6 featured in the Best Design category.
“The US 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 US,” said Hyundai Motor Group Executive Chair Euisun Chung who attended the ceremony virtually.
The automaker will break ground in early 2023 and plans to start commercial production in the first half of 2025. The EV factory is estimated to produce around 300,000 units per year and is expected to create about 8,100 new jobs.
The investment is part of Hyundai’s previous announcement that it will spend $7.5 billion by 2025 to foster future mobility in the US, including the production of EVs and offering smart mobility solutions.