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Hyundai invests $5.5 billion to build electric vehicles and batteries in Georgia


The Hyundai logo is displayed at the #WeAreMobility fair at the 97th edition of the Brussels Motor Show on January 18, 2019, in Brussels.

Dirk Waem | AFP via Getty Images

Hyundai Motor on Friday confirmed plans to spend $5.54 billion to build the first dedicated battery and electric vehicle manufacturing facility in the US.

The plants will be located outside of Savannah, Georgia, in Bryan County, the company said. Operations are expected to open in the first half of 2025, with an annual production capacity of 300,000 vehicles, according to the South Korean automaker. About 8,100 new jobs will be created.

The investment is the latest example of a global automaker looking to establish a new supply chain and manufacturing facility in the US to produce electric vehicles. is expected to grow exponentially over the decade.

It is also a major win for the Biden administration, which has urged companies to set up supply chains and produce electric vehicles in the US rather than abroad. President Joe Biden last year set a goal for electric vehicles to account for half of all new car sales in the country by 2030.

“The group is accelerating its electrification efforts with a global target of selling 3.23 million fully electric vehicles annually by 2030,” Hyundai said. in a release.

Hyundai also said it expects to produce “a variety of all-electric vehicles for US customers at the new Georgia EV plant,” noting that additional details will come at a later date.

The company has announced plans, details about has been reported before, after officially signing an agreement with Georgia; State and local incentives and other details for the new facilities were not released.

Hyundai said it chose Georgia “due to a range of favorable business conditions, including speed to market, a talented workforce, as well as an existing network of … branches and suppliers. .”



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