Hyundai is investing $5.5 billion in electric vehicle production facilities in Georgia

Hyundai is building a dedicated electric vehicle (EV) and battery manufacturing facility in Savannah, Georgia, marking Hyundai’s first EV-only plant in the US (via CNBC). The South Korean automaker will spend $5.5 billion on the new facility and receive an additional $1 billion from its suppliers.

Hyundai expects production at the 2,923-acre site to begin in the first half of 2025, with construction beginning in early 2023. The electric vehicle factory is set to make 300,000 vehicles per year and will add around 8,100 new jobs. . Hyundai does not specify which EV models will be built at the plant; it only hints at a “wide range” of models hitting Georgia assembly lines. The company also doesn’t reveal much about its battery building facility, but notes that “it will be established through a strategic partnership.”

Hyundai’s electric vehicle lineup currently consists of the Kona Electric, Ioniq 5 and Nexo, which is powered by hydrogen fuel cells. Hyundai-owned Kia also sells the all-electric EV6 and Niro, while Hyundai’s luxury Genesis brand includes the GV60, GV70 and GV80 electric vehicles. Hyundai Global COO José Muñoz said automotive news that up to six models will be produced at the new facility by 2028. A source with knowledge of the situation also told the outlet that production could start with the Hyundai Ioniq and then expand to include a yet-to-be-announced Kia EV pickup in 2026.

“The future of transportation is in the Peach State as we announce the largest project in our state’s history: providing high-quality jobs at the forefront of mobility for Georgian workers,” said Georgia Governor Brian Kemp, it’s a statement.

In addition to the new facility in Georgia, Hyundai announced that it plans to invest more than $10 billion in the US by 2025 to develop various technologies, including autonomous driving, robotics, AI and advanced air mobility. Part of that fund includes the $5.5 billion dedicated to its new electric vehicle plant.

Earlier this month, the state of Georgia struck a deal with Rivian, offering $1.5 billion in tax incentives to bring the company to the state. The $5 billion factory is expected to create around 7,500 jobs by 2028 and produce 400,000 electric vehicles each year.

Other electric vehicle factories are popping up in other parts of the country. Toyota is building a $1.29 billion battery factory in North Carolina, and GM plans to bring its third electric-vehicle battery factory to Michigan. Stellantis, the company that owns Jeep, Dodge and Chrysler, is also expected to build an electric vehicle factory somewhere in the US, but the location has yet to be confirmed. Similarly, Ford and South Korean battery maker SK Innovation are bringing new factories focused on electric vehicles to Tennessee and Kentucky. Tesla already has several factories dedicated to producing batteries and electric vehicles in the US, and just opened another one in Austin, Texas, last month.

Update May 22, 5:30 pm ET: Updated to add an additional Hyundai ad.

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