Hyundai Motor Group has announced plans to invest $5.5 billion in the construction of the first US-based EV and battery production facility.
The carmaker plans to construct its factory in Georgia’s Bryan County, near the port city of Savannah, on a 2,923-acre site.
The factory should begin its production in the first half of 2025. When finished, the plant will have the capacity to produce 300,000 vehicles every year. On top of that, it should provide jobs for more than 8,000 people.
With this move, Hyundai Motor Group will join other auto giants such as Ford, General Motors, and Volkswagen in an attempt to dethrone Tesla. For example, GM plans to expand its EV lineup with its Equinox EV.
While Hyundai still hasn’t announced which auto models will be produced at the facility, according to the company’s COO, by 2028, up to six models will be produced at the new facilities.
The brand’s current EV line includes Kona Electric, Ioniq 5, and Nexo (powered by hydrogen fuel cell).
Hyundai has also revealed that it will invest more than $10 billion in the United States by 2025 to develop cutting-edge technologies, including AI, self-driving cars, and robotics. The $5.5 billion committed to its new EV factory is one of the investments.
Hyundai isn’t the only carmaker that decided to open an EV factory in the US. Toyota started building its factory in North Carolina, and GM is planning to open up its third factory in Michigan, proving that the future is indeed electric.
