HYUNDAI MOTOR GROUP TO INVEST $5.5 BLN TO BUILD EV, BATTERY FACILITIES
South Korea’s Hyundai Motor Group plans to invest about US$5.54 billion (FJ$12.08 billion) to build its first dedicated full electric vehicle (EV) and battery manufacturing facilities in the United States.
Hyundai will break ground on its new facility in Georgia in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 EV units, the company said in a statement.
The South Korean auto group said it intends to create about 8100 jobs.
Hyundai Motor Group, which houses Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), said the battery manufacturing facility would be established through a strategic partnership, details of which will be disclosed at a later stage.
Hyundai was in talks to build an EV manufacturing plant in the United States and had held discussions with Georgia officials.
The plant is a key part of Hyundai’s $7.4 billion planned investment in the United States through 2025 to foster future mobility.
The state of Georgia expects to attract another $1 billion ($2.18 billion) in additional investment from non-affiliated Hyundai Motor Group suppliers on top of the investment. Reuters
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