Hyundai Motor Group of South Korea announced on Friday that it planned to invest $5.54 billion (approximately Rs. 43,110 crores) in Georgia, USA to develop its first dedicated complete electric vehicle (EV) and battery manufacturing facility.
Hyundai stated in a statement that it will break ground on its new facility in Georgia in early 2023 and expects to start commercial production in the first half of 2025, with an annual capacity of 300,000 electric vehicles.
The South Korean automaker stated that it plans to generate 8,100 jobs.
The battery production plant will be developed through strategic collaboration, the details of which will be revealed at a later date, according to Hyundai Motor Group, which owns Hyundai and Kia.
According to Reuters, Hyundai is in talks to develop an electric vehicle manufacturing factory in the United States and has met with Georgia officials.
The facility is an important part of Hyundai’s $7.4 billion (approximately Rs. 57,585 crores) investment plan in the United States that will last through 2025.
On top of that, Georgia intends to attract an additional $1 billion (approximately Rs. 7,780 crores) in investment from non-affiliated Hyundai Motor Group suppliers.
SK Innovation’s battery unit SK On, Hyundai’s battery supplier, has established two neighboring factories in Georgia.
The first began production in the first quarter, mostly for Volkswagen. The second, which will supply Ford Motor, will start production in the first quarter of next year.
Company’s investment in the United States coincides with US President Joe Biden’s visit to South Korea on Friday.
Separately, Hyundai Motor Group announced on Wednesday that it expects to invest KRW 21 trillion (approximately Rs. 1,28,300 crores) in its EV business in South Korea until 2030.
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