Hyundai will break ground on its new facility in Georgia in
early 2023 and is expected to begin commercial production in the first half of
2025 with an annual capacity of 300,000 EV units, the company said in a
statement.
The South Korean auto group said it intends to create about
8,100 jobs.
Hyundai Motor Group, which houses Hyundai and Kia, added
that the battery manufacturing facility will be established through a strategic
partnership, details of which will be disclosed at a later stage.
Reuters reported last week that Hyundai was in talks to
build an EV manufacturing plant in the United States and had held discussions
with Georgia officials.
The plant is a key part of Hyundai's $7.4 billion planned
investment in the United States through 2025 to foster future mobility. The
state of Georgia expects to attract another $1 billion in additional investment
from non-affiliated Hyundai Motor Group suppliers on top of the investment.
Hyundai's battery supplier, SK Innovation's battery unit SK
On, has built two adjacent plants in Georgia. The first, which mostly supplies
Volkswagen, started production in the first quarter. The second, which will
supply Ford Motor, is set to begin production early next year.
SK On will supply the battery for the Ioniq 7, a source
previously told Reuters. SK On said it cannot comment on supply deals involving
specific customers.
Hyundai's US investment coincides with US President Biden's
arrival in South Korea on Friday.
The South Korean auto group, which is among the world's five
biggest automakers by vehicle sales, has production sites in Alabama and
Georgia. In April, Hyundai Motor said it plans to invest $300 million to add
EVs in its Montgomery assembly.
Separately, Hyundai Motor Group said Wednesday it plans to
invest KRW 21 trillion through 2030 for the expansion of its EV business in
South Korea. © Reuters
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