Hyundai Motor Group to Establish First Dedicated EV Plant and Battery Manufacturing Facility in the U.S.
Hyundai Motor Group has signed an agreement with the State of Georgia to build its first dedicated full electric vehicle and battery manufacturing facilities in Bryan County, representing an investment of approximately USD 5.54 billion. The facility, expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units, aims to enhance U.S. consumer access to its innovative EVs. The project is anticipated to create about 8,100 jobs and aligns with the Group's strategy to lead the U.S. electrified mobility sector.
- Investment of approximately USD 5.54 billion for new EV and battery manufacturing facilities.
- Expected to create around 8,100 jobs in Georgia.
- Commercial production slated to begin in 1H 2025 with an annual capacity of 300,000 units.
- Enhances U.S. consumer access to Hyundai's innovative EV models.
- None.
- Hyundai Motor Group enters agreement with State of Georgia to build full electric vehicle and battery manufacturing facilities in Bryan County
- New facilities represent investment of approx. USD 5.54 billion
- Commercial production to begin 1H 2025 with annual capacity of 300,000 units
- HMG to produce wide range of innovative EV models at the new facility
- The Group aims to become a leading provider of electrified mobility solutions with the new U.S. investment
SEOUL, South Korea and BRYAN COUNTY, Ga., May 20, 2022 /PRNewswire/ -- Hyundai Motor Group (the Group) today announced it has entered into an agreement with the State of Georgia to build its first dedicated full electric vehicle and battery manufacturing facilities in the U.S.
The Group's U.S. investment decision will support its goal of becoming a leader in electric mobility in the U.S. market. It also highlights the Group's commitment to sustainability through electrification and to supporting the economies where it operates.
The official signing ceremony was held in Bryan County, attended by Georgia Governor Brian P. Kemp and other Georgia officials as well as Hyundai Motor Company President and CEO, Jaehoon Chang, and Hyundai Motor President and Chief Operating Officer José Muñoz. Hyundai Motor Group Executive Chair Euisun Chung joined the signing ceremony virtually.
"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," said Governor Brian Kemp. "Not only are we thrilled to welcome Hyundai to Georgia's coastal region, but it's incredible that within a year of Georgia's investment in the Bryan County Megasite, we are locating a world-class project here with a company with great Georgia history!"
"As one of the world's most successful and advanced mobility leaders, we are incredibly proud to share our plan to open our first dedicated full EV and battery manufacturing facilities in the U.S.," said Hyundai Motor Group Executive Chair Euisun Chung. "The U.S. has always held an important place in the Group's global strategy, and we are excited to partner with the State of Georgia to achieve our shared goal of electrified mobility and sustainability in the U.S."
The new EV plant and battery manufacturing facilities represent an investment of approximately USD 5.54 billion. The new facility will break ground in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The battery manufacturing facility will be established through a strategic partnership, which the details will be disclosed at a later stage.
The Group plans to produce wide range of full electric vehicles for U.S. customers at the new Georgia EV plant. Details of production models will be shared at later dates. The local EV production will increase U.S. consumer accessibility to the Group's innovative EVs. Through the battery manufacturing facility, the Group also aims to establish a stable supply chain and build a healthy EV ecosystem in the U.S.
The EV and battery manufacturing plant will be located on a dedicated 2,923-acre site in Bryan County Georgia, with immediate access to I-95 and I-16 highways which creates easy access to 250 major metro areas. It is less than 50 kilometers from the Port of Savannah, the single-largest and fastest-growing container terminal in the U.S. with two Class I rail facilities on-site provided by Georgia Central Railway. West Point, Georgia is already home to the Group's Kia manufacturing hub in the US.
Hyundai Motor Group selected Georgia as the Group's EV and battery production site due to a range of favorable business conditions, including speed-to-market, talented workforce, as well as existing network of the Group affiliates and suppliers.
Georgia is the Southeastern leader for EV registration per 1,000 registered automobiles. To support these drivers, Georgia is constantly developing access to publicly available EV charging stations and already offers more outlets per capita than anywhere else in the Southeast. The Group's new investment will help accelerate the state's sustainable shift to electrification.
Continuing the Group's support for the U.S. economy, the project is expected to create about 8,100 new jobs.
The EV plant investment comes as a part of the Group's 2021 announcement to invest USD 7.4 billion by 2025 to foster future mobility in the U.S., including production of EVs and offering smart mobility solutions.
Hyundai Motor Group to lead US electrified mobility industry
Hyundai Motor Group will be a leader in the U.S. auto market's EV transition with the new facility.
The Group is accelerating its electrification efforts with the global target to sell 3.23 million full electric vehicles annually by 2030. To realize this goal, the Group plans to establish a global EV production network that will ensure a stable supply of EVs around the globe.
"We decided to build our first dedicated EV plant in the U.S. because America embraces change and drives innovation," said Jaehoon Chang, President and CEO of Hyundai Motor. "This new EV plant is the future of our business, and It will help us meet the growing demands of our US customers who want leading edge design, safe, zero-emissions vehicles now and in the future".
With the additional EV and battery production capabilities in the U.S., the Group aims to become one of the top three EV providers in the U.S. by 2026. The Group plans to lead the EV market not just in sales, but also in terms of design, technologies, and mobility solutions optimized for electric mobility era.
The investment is in line with the U.S. government's roadmap to accelerate electrification, as global OEMs are announcing plans to expand their local EV production in the U.S. Last year, the U.S. government announced a new initiative under which sales of zero-emission vehicles should account for at least half of OEM's new vehicle sales by 2030.
Showcasing the Future of Group's Smart Manufacturing: Intelligent, Sustainable and Data-driven
The new plant will boast a highly connected, automated, and flexible manufacturing system, which organically connects all elements of the EV ecosystem to realize customer value.
The Group plans to implement many of its advanced intelligent manufacturing technologies that are currently under test at the Group's innovation hub, the Hyundai Motor Group Innovation Center in Singapore (HMGICS).
The Georgia facility will become an intelligent manufacturing plant. All processes of production - order collection, procurement, logistics and production - will be optimized utilizing AI and data. The innovative manufacturing system will also help create a human-centered work environment with robots assisting human workers.
As part of the Group's commitment to sustainability, the plant will mainly rely on renewable energy sources to power the facility and use emission-reduction technologies to meet the RE100 requirements.
About Hyundai Motor Group
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group's mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all.
More information about Hyundai Motor Group, please see: www.hyundaimotorgroup.com
Disclaimer: Hyundai Motor Group believes the information contained herein to be accurate at the time of release. However, the company may upload new or updated information if required and assumes that it is not liable for the accuracy of any information interpreted and used by the reader.
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SOURCE Hyundai Motor Group
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