Automotive Exports June 2022

Hyundai
announces its
plans to build
first electric car
factory in US
Korean carmaker company Hyundai has
announced a plan to build its first fully
electric vehicle plant in the U.S. state
of Georgia. The new plant in Georgia
represents an investment of approximately
$5.54 billion. E-car batteries are also to
be manufactured at the site, Hyundai said
in a statement. Construction is scheduled
to start in January 2023 and commercial
production is expected to begin in the
first half of 2025, with a reported annual
production capacity of 300,000 vehicles.
The planned investments should produce
more than 8,000 jobs, the carmaker said.
“We decided to build our first dedicated EV
(electric vehicle) plant in the U.S. because
America embraces change and drives
innovation,” said Hyundai Motor President
and Chief Executive Officer (CEO) Jaehoon
Chang.
“This new EV plant is the future of our
business, and it will help us meet the
growing demands of our U.S. customers
who want leading-edge design, safe, zeroemissions
vehicles now and in the future,”
he added. Hyundai’s announcement
coincided with U.S. President Joe Biden’s
visit to South Korea. With additional
production capacities for e-vehicles and
batteries, the group aims to become one
of the three largest suppliers of batterypowered
electric cars in the U.S. by 2026.
Hyundai already has two plants in the
U.S., one operated by Hyundai Motor in
Alabama, and the other by its mobility
brand Kia in Georgia.
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