Hyundai's first US factory will produce 300,000 electric cars yearly starting in 2025
Last January, we brought you the news that Hyundai was not done with combustion engines. That does not mean, however, that it cannot invest heavily in electric vehicles.
On Friday, the firm announced plans to spend a whopping $5.54 billion to develop its first-ever dedicated electric vehicle and battery manufacturing facilities in the U.S., according to a press release by the company. The firm's new facilities are expected to break ground in 2023 and start production in 2025.
300,000 electric vehicles a year
They will produce about 300,000 electric vehicles a year, an impressive amount by any means. The plants will be located outside of Savannah, Georgia, in Bryan County, and will create about 8,100 new jobs.
"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," said Governor Brian Kemp at the official signing ceremony.
"Not only are we thrilled to welcome Hyundai to Georgia's coastal region, but it's incredible that within a year of Georgia's investment in the Bryan County Megasite, we are locating a world-class project here with a company with great Georgia history!"
The move is bound to make the Biden administration happy, as President Joe Biden last year set a target for electric vehicles to represent half of all new automobile sales in the country by 2030. He has also been encouraging automakers to produce electric vehicles locally rather than overseas. Hyundai, being one of the most powerful automakers in the world, has a lot to offer in terms of electric vehicle development.
"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.," said Hyundai Motor Group Executive Chair Euisun Chung.
"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's press release, however, lacked a lot of data like, for instance, what kind of electric vehicles it aims to produce. It did say that it expects to produce a "wide range of full-electric vehicles for U.S. customers" and added that additional details would follow at a later date.
Hyundai also said it chose Georgia as its new location "due to a range of favorable business conditions, including speed-to-market, talented workforce, as well as an existing network of the Group affiliates and suppliers."
Georgia is a leader in electric vehicle registration and is constantly developing access to publicly available charging stations. It is said to already offer more outlets per capita than anywhere else in the Southeast.
Hyundai's new plans will go a long way in helping to combat climate change by putting fewer combustion engines on the roads and promoting green electric vehicles.