Hyundai Motor (OTCMKTS: HYMTF) announced plans to shell out USD5.4 Billion to build its first electric vehicle and battery manufacturing facilities within the United States. The factories will be located near Savannah, Georgia, in Bryan County, according to the company.
“The future of transportation is in the Peach State as we announce the largest project in our state’s history — delivering high-quality jobs on the leading edge of mobility to hardworking Georgians,” Georgia Governor Brian Kemp said in a statement.
The locations are anticipated to open in the first half of 2025 and will have an annual production capacity of 300,000 vehicles. Approximately 8,100 jobs will be created from the outlined project.
“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 US,” said Hyundai Motor Group Executive Chair Euisun Chung in a statement. “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.”
The investment comes as global automakers seek to create new supply chains and production plants in the U.S. to build electric vehicles. Electric vehicles are expected to be in high demand throughout the decade.
“The Group is accelerating its electrification efforts with the global target to sell 3.23 million full electric vehicles annually by 2030,” Hyundai said in a release.
The company believes it will produce a“wide range of full electric vehicles for U.S. customers at the new Georgia EV plant,” and commented that further details would be available at a later date.