During a ceremony Friday afternoon, Hyundai and State of Georgia officials announced the Hyundai Motor Group's first-ever dedicated electric vehicle and battery producing facility. The project, which is expected to break ground in Jan. 2023, will reportedly have a price tag of $5.54 billion and is expected to be functional by the first half of 2025, according to Hyundai. More importantly, Hyundai and its suppliers are expected to generate up to 8,100 area jobs total.
Hyundai Motor Group executive Euisun Chung and Georgia Governor Brian P. Kemp confirmed the investment for the manufacturing facility, which will be located at the Bryan County Megasite near the coastal city of Savannah, roughly 3.5 hours from Atlanta. According to the automaker, the facility will have an annual production capacity of 300,000 units. This confirms previous reports, which claimed that Hyundai had recently met with state representatives as it was looking to open a new facility near its existing industrial complex in Montgomery, Alabama.
“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.”
As we'd previously reported, the plant is expected to be responsible for both Hyundai and Kia electric vehicles, such as the Hyundai Ioniq 7 and Kia EV9. It's unclear at this moment if the new facility will also produce Genesis-branded EVs, such as the expected electric variant of the Genesis GV70. The conglomerate has promised a total of 31 electric vehicles by 2030, with six from Genesis, 14 Kia, and another nine from Hyundai.
Georgia government officials did not divulge what financial incentives and tax benefits Hyundai Motor Group was granted, but more information may become public in the coming days. Just in December of last year, Governor Kemp took the spotlight in yet another massive investment, this time with new EV builder Rivian, who pledged $5 billion to build a new facility that will reportedly create over 7,500 jobs. Later it became known that Rivan received $1.5 billion worth of tax incentives from the state's current administration. Admittedly, locals aren't happy for that and other reasons.
Regarding Hyundai's new investment, Kemp stuck to the usual political lingo, praising his own administration's efforts to bring foreign investments to Georgia.
“We are proud to welcome Hyundai Motor Group to Georgia as we forge an innovative future together," said Governor Brian Kemp. "From initial conversations on my economic development mission to Korea to Georgia’s investment in the Bryan County Megasite, we've been preparing for an opportunity like this for a long time. My commitment to hardworking Georgians to make our state the best place to live, work, and raise our families remains steadfast, and with this announcement, which is now the largest economic development project in our state's history, we will continue working to make Georgia the premier destination for quality companies who are creating the jobs of today, tomorrow, and beyond.”
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