The South Korean carmaker plans to start production of electric vehicles at a new factory in the United States in the first half of 2025. Annual production capacity is expected to reach up to 300,000 pure electric vehicles.
Georgian plant will create many jobs
The carmaker’s investment is expected to reach about $5.5 billion, and Hyundai plans to start building the new factory next year. Commercial production of the EVs is expected to begin approximately two years after construction begins, in the first half of 2025. Annual production capacity is expected to reach 300,000 electric vehicles and the Georgia plant is expected to create more than eight thousand jobs.
Hyundai’s broader investment plan
In addition to electric cars, the new factory will also produce batteries for electric vehicles. The investment in Georgia is part of Hyundai‘s broader investment plan for the United States, where it plans to invest nearly $7.5 billion over the next three years.
The Georgia state government expects the South Korean automaker’s investment to be followed by other investment projects that could be worth up to $1 billion. This will mainly involve subcontracting cars, but also investments in facilities and infrastructure.