South Korean car manufacturer, Hyundai has revealed plans to build a $5.5 billion electric vehicle and battery plant in the southern US state of Georgia.
This was disclosed by the Governor of Georgia, Brian Kemp alongside Hyundai Motor Company president Jay Chang at the future factory site near Savannah, hailing the more than 8,000 jobs the venture is expected to create.
“We are proud to welcome Hyundai Motor Group to Georgia as we forge an innovative future together,” Kemp said, according to a statement released by his office.
He called the plant “the largest economic development project in our state´s history.”
Hyundai suppliers are expected to invest an additional $1 billion in the factory, which will have an annual capacity of 300,000 units, according to the statement.
The automaker said it plans to begin construction in January 2023 and to complete the plant in the first half of 2025. It did not yet give any details on which of its electric models will be produced at the Georgia location.
“This new EV plant is the future of our business, and it will help us meet the growing demands of our US customers,” Chang said in the statement.