(CTN News) – Hyundai will build a factory dedicated to the production of electric vehicles (EVs) and batteries in Savannah, Georgia, marking Hyundai’s first EV-only plant in the US (via CNBC). This new facility will cost $5.5 billion, and its suppliers will invest an additional $1 billion.
Hyundai expects to begin production at the 2,923-acre site in 2025, with construction starting in 2023. Around 8,100 new jobs will be created by the EV factory. Hyundai doesn’t specify which EV models will be manufactured at the plant, only indicating a “wide range” of models will be built there. Additionally, the company doesn’t reveal much about its battery-building facility, stating that “a strategic partnership will establish it.”
Hyundai plans to produce six models at the new plant by 2028.
At present, Hyundai’s EV lineup includes the Kona Electric, the Ioniq 5, and the Nexo. Hyundai-owned Kia also sells the all-electric EV6 and Niro, while Hyundai’s luxury Genesis brand offers the GV60, GV70, and GV80. Hyundai Global COO José Mu*oz told Automotive News that up to six models will be built at the new facility by 2028. The outlet also reported that production could start with the Hyundai Ioniq and expand to include a not-yet-announced Kia electric pickup in 2026.
Georgia Governor Brian Kemp said “high-quality jobs on the leading edge of mobility await hardworking Georgians” as he announced the largest transportation project in the state’s history.
Hyundai has announced that it will invest over $10 billion in the US by 2025 for the development of various technologies, including autonomous driving, robotics, AI, and advanced air mobility. The fund includes the $5.5 billion dedicated to its new EV plant.
The state of Georgia has struck a deal with Rivian offering $1.5 billion in tax incentives to bring the company to the state. A $5 billion factory is expected to create 7,500 jobs by 2028, and 400,000 EVs will be produced annually.
There are other EV factories in the country. Toyota is building a $1.29 billion battery factory in North Carolina, and GM plans to build a third EV battery factory in Michigan. Stellantis, the company that owns Jeep, Dodge, and Chrysler, is also expected to open an EV factory in the US, but the location has not been announced. Ford and SK Innovation both plan to build new EV factories in Tennessee and Kentucky. Tesla has already opened several factories producing batteries and EVs in the US and just opened a new one in Austin, Texas.