Hyundai pledges $5.5B for brand spanking new EV plant in US

Hyundai Motor Group will make investments over $5.5 billion on a brand new U.S. plant for electrical autos, which the automaker is asking a Metaplant.

The plant shall be positioned in Bryan County, Georgia, and a groundbreaking ceremony was held on the website on Wednesday, with Georgia Governor Brian Kemp in attendance.

Rivian additionally introduced plans for an EV plant within the state final December.

Manufacturing on the Hyundai plant is scheduled to begin within the first half of 2025 and the preliminary capability shall be 300,000 models yearly. Hyundai and its companions can even set up a neighborhood provide chain together with manufacturing of batteries and different EV elements. Altogether, greater than 8,100 jobs are anticipated to be created by the initiative.

And as a part of Hyundai’s dedication to sustainability, the plant will primarily depend on renewable power. Emission-reduction applied sciences can even be used on the website, the automaker stated.

Hyundai plans to construct autos from not solely its personal model on the website, but additionally Genesis and Kia. An electrical Genesis GV70 is already scheduled to begin manufacturing in December at Hyundai’s present plant in Montgomery, Alabama.

EVs are additionally anticipated to be constructed at Kia’s present plant in Westpoint, Georgia, although particulars are but to be finalized.

Hyundai’s plant announcement is the newest of a number of latest multibillion-dollar investments in U.S. EV manufacturing following the passing of laws that encourages home manufacturing, particularly the Inflation Discount Act and the United States-Mexico-Canada Settlement. With these insurance policies, automakers are in a position to keep away from tariffs or qualify for monetary incentives by producing domestically.

Proven above are the present Hyundai Ioniq 5 and Ioniq 6 EVs, plus an idea previewing an Ioniq 7 SUV due round 2024.