Hyundai's $5.5-Billion American Investment Is The Next Step In EV Domination

Industry News / 4 Comments

It's the company's first dedicated EV facility in the USA.

Hyundai is on a sharp upward trajectory in the electric vehicle segment and has been for at least the last year. Together with Kia, the Korean brands sell more EVs than most others. The excellent Ioniq 5, a recent winner of the World Car of the Year award, is already here. Hyundai's luxury arm, Genesis, is also expanding with the upcoming GV60.

To help Hyundai further solidify its domination in this space, it needs the facilities to do so. We recently reported on Hyundai's planned EV production plant in Georgia, and now the automaker has confirmed that it's happening. Hyundai Motor Group has entered an agreement with the State of Georgia to construct EV and battery manufacturing facilities in Bryan Country, representing an investment of $5.54 billion.

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Hyundai

This will be Hyundai's first dedicated EV and battery manufacturing facility in the USA.

Expected to "break ground" in 2023, Hyundai says that the new facility will begin commercial production in the first half of 2025. The annual capacity is expected to be around 300,000 units, and the new plant will help the Group reach its target of selling 3.23 million EVs annually by 2030. As for Georgia, the location was chosen for factors like its talented workforce and other favorable business conditions in the state.

"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 US," said Hyundai Motor Group Executive Chair Euisun Chung.

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Governor Brian Kemp said he was "thrilled" about Hyundai's decision and said that "the future of transportation is in the Peach State."

A wide range of EVs will be manufactured at the new facility, and although Hyundai declined to specify what these are, the upcoming Ioniq 7 electric SUV is one such vehicle that we expect to come out of the factory. By 2026, the Group has a goal of becoming one of the top three EV providers in the US.

What's certain is that Ford, Tesla, and General Motors can't rest on their laurels; with an array of new EVs and a new US-based facility on the way, Hyundai is well-positioned to steal an even larger slice of the EV pie.

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