Hyundai is investing $5.5 billion into EV production facilities in Georgia

Hyundai is building facilities dedicated to manufacturing electric vehicles (EVs) and batteries in Savannah, Georgia, marking Hyundai’s first EV-only plant in the US (via CNBC). The South Korean automaker will spend $5.5 billion on the new facilities and will receive an additional $1 billion investment from its suppliers.

Hyundai expects production at the 2,923-acre site to begin in the first half of 2025, with construction starting in early 2023. The EV factory is set to make 300,000 vehicles per year and will add around 8,100 new jobs. Hyundai doesn’t specify which EV models will be manufactured at the plant — it only hints at a “wide range” of models hitting Georgia’s assembly lines. The company doesn’t reveal much about its battery-building facility either, but notes it “will be established through a strategic partnership.”

Hyundai’s EV lineup currently consists of the Kona Electric, Ioniq 5, and the hydrogen fuel cell-powered Nexo. The Hyundai-owned Kia also sells the all-electric EV6 and Niro, while Hyundai’s luxury Genesis brand includes the GV60, GV70, and GV80 EVs. Hyundai Global COO José Muñoz told Automotive News that up to six models will be produced at the new facilities by 2028. A source with knowledge of the situation also told the outlet that production could begin with the Hyundai Ioniq and later expand to include a not-yet-announced Kia EV pickup in 2026.

“The future of transportation is in the Peach State as we announce the largest project in our state’s history — delivering high-quality jobs on the leading edge of mobility to hardworking Georgians,” Georgia Governor Brian Kemp said in a statement.

Earlier this month, the state of Georgia struck a deal with Rivian, offering $1.5 billion in tax incentives to bring the company to the state. The $5 billion factory is expected to create about 7,500 jobs by 2028, and will produce 400,000 EVs every year.

Other EV factories are popping up elsewhere in the country. Toyota is building a $1.29 billion battery factory in North Carolina, and GM plans on bringing its third EV battery factory to Michigan. Stellantis, the company that owns Jeep, Dodge, and Chrysler, is also expected to build an EV factory somewhere in the US, but the location has yet to be confirmed. Similarly, Ford and South Korean battery maker SK Innovation are bringing new EV-focused factories to Tennessee and Kentucky. Tesla already has several factories dedicated to producing batteries and EVs in the US, and just opened another in Austin, Texas last month.