EV Factories are Popping Up at a Fast Pace: Hyundai is Building Facilities in Georgia
Construction is set to begin late 2022 into early 2023 with production targeted for 2025...
Tesla, Ford, Polestar, and Rivian have just gained another headstrong competitor in Hyundai as they have reportedly set out to build facilities strictly dedicated to manufacturing EVs and batteries in Savannah, Georgia. This is the start as it will be Hyundai’s first EV-only plant in the United States.
The new facilities are estimated to cost the automaker $5.5 Billion but they’ll get some help with an additional $1 Billion investment from suppliers.
Production is set to begin in the first half of 2025 as construction will ramp up towards the end of 2022 into early 2023. 300,000 vehicles per year are the target production along with adding 8,100 jobs to the United States market.
Hyundai currently has a pretty impressive EV lineup consisting of:
The Kona Electric
Hydrogen Fuel Cell-Powered Nexo
Kia is owned by Hyundai as well and sells all-electric vehicles such as EV6 and Niro. The luxury side of Hyundai, Genesis brand, includes an EV lineup of the GV60, GV70, and GV80.
José Muñoz, Hyundai’s Global COO told Automotive News that by 2028 the facility will be producing up to eight EVs.
“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.”
Brian Kemp, Georgia’s Governor, commented on the news.
More than $10 Billion will be invested in the United States by 2025 by Hyundai to develop technologies such as autonomous driving, robotics, AI, and advanced air mobility.
This is another huge EV move for Georgia. Earlier in May, the state signed a deal with Rivian which offered $1.5 Billion in tax incentives. By 2028, Rivian's $5 Billion factory is set to create 7,500 jobs and produce 400,000 vehicles each year.
The competition within the EV market is becoming more populated. Toyota is reportedly building a $1.29 Billion battery factory in North Carolina and GM has disclosed plans to add a third EV battery factory to Michigan. Stellantis is also planning an upcoming factory in the United States. Tennessee and Kentucky will become the home to Ford factories as they partner with South Korean battery maker SK Innovation.