Hyundai to build $5.5 billion electric vehicle plant in US

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South Korean automaker Hyundai will build a $five.Five billion electric powered vehicle and battery plant in the southern US nation of Georgia, its governor announced Friday, as President Joe Biden pursued his experience to Seoul.

Brian Kemp made the declaration along with Hyundai Motor Company president Jay Chang on the destiny factory website online close to Savannah, hailing the greater than eight,000 jobs the mission is predicted to create.

“We are proud to welcome Hyundai Motor Group to Georgia as we forge an innovative future together,” Kemp said, according to a statement released by his office.

He called the plant “the largest economic development project in our state’s history.”

Hyundai suppliers are expected to invest an additional $1 billion in the factory, which will have an annual capacity of 300,000 units, according to the statement.

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The automaker said it plans to begin construction in January 2023 and to complete the plant in the first half of 2025. It did not yet give any details on which of its electric models will be produced at the Georgia location.

“This new EV plant is the future of our business, and it will help us meet the growing demands of our US customers,” Chang said in the statement.

Hyundai has projected that 27 percent of its global fleet will be electric within seven years.

By building battery production into the new factory, Hyundai “aims to establish a stable supply chain for EV battery and other EV components in the US market,” the statement said.

Biden arrived on Friday in South Korea, on a trip aimed at cementing economic ties with Seoul. He is due to meet with Chang on Sunday, according to the White House.

The Hyundai plant will be the second electric vehicle factory in Georgia: electric truck maker Rivian announced in December that it will invest $5 billion to build its second US assembly plant there.

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Hyundai ambitions to be the third-largest issuer of electric motors in the United States by using 2026, but it faces stiff competition.

The sector is currently dominated by Tesla, but conventional automakers General Motors and Ford plan to make investments tens of billions of bucks to increase their electric offerings within the coming years, and many begin-USA are also attempting to break into the industry.

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