Hyundai Says Agreed With US State Of Georgia To Build $5.54Bln Electric Vehicle Plant

WASHINGTON (UrduPoint News / Sputnik - 21st May, 2022) South Korea-based automotive manufacturer Hyundai made a deal with the US state of Georgia to construct a $5.54 billion electric vehicle and battery manufacturing facility near the city of Savannah, Hyundai said on Friday in a press release.

"Hyundai Motor Group today announced it has entered into an agreement with the State of Georgia to build its first dedicated full electric vehicle and battery manufacturing facilities in the U.S.," the press release said. "The new EV plant and battery manufacturing facilities represent an investment of approximately USD 5.54 billion."

The new plant will break ground in early 2023 and is expected to begin commercial production in the first half of 2025, according to the press release.

The facility will have an annual capacity of 300,000 units, consisting of a wide range of electric vehicles, the press release said.

The plant will be located in Bryan County on an almost 3,000-acre site less than 50 kilometers (about 30 miles) from the Port of Savannah, the press release also said.

The project is expected to create approximately 8,100 new jobs. The investment is part of Hyundai's plan to put $7.4 billion toward future mobility and electric vehicle production, the press release added.