Hyundai Said to Spend Up to $7 Billion for New EV Plant in Georgia
As electric vehicle (EV) companies look for ways to expand production, one Korean automaker is set to establish a new U.S. plant in the coming months to aid its upcoming lineup of vehicles.
Hyundai plans to build as many as six new EVs at a new plant in Savannah, Georgia, according to state leaders on Friday as detailed in a report from Automotive News.
The state of Georgia and Governor Brian Kemp announced plans to invest $5.5 billion into the EV plant, which is to be located on a 2,200-acre lot. The Associated Press says Hyundai will spend $7 billion on the plant.
The new models are set to be unveiled over time with them all available by 2028, according to an industry source.
A long dirt road cut into the South Georgia sand is lined with signs teasing today’s announcement of a giant Hyundai Motor Group EV factory in Bryan County pic.twitter.com/CfduY2Hx7j
— Scott Trubey (@FitzTrubey) May 20, 2022
Hyundai global COO Jose Muños said, “We believe it is a perfect moment to think about increasing our capacity in the U.S. and to focus on what we believe is not only the future but already the present, which is EV.”
The factory will start production with the release of the Hyundai IONIQ 7 in 2025.
The news comes about one year following Georgia’s decision to spend $61 million on the large plot of land, which was to be used for future industrial development.
Hyundai currently has a Kia plant in West Point, Georgia, though the new plant is set to garner the largest investment in the state’s history, as detailed by one official on Friday.
Previously, Hyundai also vowed to release as many as 23 new battery electric vehicles by 2030.