Hyundai Plans to Build a $5.5 Billion EV Manufacturing Unit in Georgia

Hyundai Motor Group said on Friday that it plans to build a $5.5 billion manufacturing facility in Georgia specializing in the manufacture of electric vehicles. This is the latest in a wave of investment in new car factories flowing into the southern United States.

Hyundai's new plant's construction will start early next year and will open in early 2025 to produce battery-powered models to be announced at a later date, the company said.

Once fully established, the manufacturing unit will be able to produce 300,000 vehicles per year, Hyundai said. The automaker is planning to expand its EV offerings with plans to roll out 23 battery-powered models by 2025.

With its two subsidiaries, Hyundai Motor Co and Kia Corp, it aims to be among the top three EV providers in the USA by 2026 and claims that the new plant will be critical to helping it achieve this goal. 

It already has two car factories in the United States. Hyundai Plant in Alabama and Kia in Georgia, one of which manufactures gasoline vehicles. Hyundai Motor Group last opened a new plant in the United States in 2009.

The modern planned investment will also come when automakers begin to introduce the hottest electric vehicle models in the United States. Last month, Ford started the production of Lightning, a battery-powered version of the F-150, America's best-selling car in decades, ahead of its rival GM, which will launch next year's Chevrolet Silverado electric vehicle.