Hyundai Invests $ 5.54 Billion In New EV Plant and Battery Manufacturing Facility In The U.S.

The new EV plant and battery manufacturing facilities from Hyundai represent an investment of approximately USD 5.54 billion and will break ground in early 2023.

By Pratik Rakshit

1 mins read

Published on May 23, 2022

Highlights

The new plant will break ground in early 2023.
It is expected to begin commercial production in the first half of 2025.
It will reportedly have an annual capacity of 3,00,000 units.

Hyundai Motor 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 new EV plant and battery manufacturing facilities represent an investment of approximately USD 5.54 billion and will break ground in early 2023. It is expected to begin commercial production in the first half of 2025 with an annual capacity of 3,00,000 units. The battery manufacturing facility will be established through a strategic partnership, and the details will be disclosed at a later stage. Also Read: Hyundai Motor Group Plans To Invest $16.5 Billion In S.Korea EV Business It's official! Our first dedicated EV and battery manufacturing facility in the U.S. will be in Georgia! https://t.co/0mm7Lhn1R6 pic.twitter.com/rW4LpIFgi5 — Hyundai USA (@Hyundai) May 20, 2022 undefined Euisun Chung, Executive Chair, Hyundai Motor Group said, “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. 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.” Hyundai Ioniq 5 Electric Also Read: New-Generation Hyundai Tucson India Launch Details Revealed The Group plans to produce a 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. Through the battery manufacturing facility, Hyundai 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 km from the Port of Savannah. Georgia is already home to Kia's manufacturing hub in the US. 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. — Hyundai USA (@Hyundai) May 20, 2022 undefined Also Read: Hyundai Motor India Announces Strategic Partnership With Tata Power For Developing EV Infrastructure The project is expected to create about 8,100 new jobs, and the investment comes as a part of the Group's 2021 announcement to invest $ 7.4 billion by 2025 to foster future mobility in the U.S., including the production of EVs and offering smart mobility solutions.