Hyundai continues to invest heavily in EV production.
Hyundai, together with its luxury arm Genesis, is powering ahead to diversify its lineup of fully electric vehicles. From the relatively affordable Hyundai Kona Electric to the Genesis Electrified GV70, the company's present and future look exciting for EV fans. Naturally, with more EVs comes the need for more factories to build them.
Last month, Hyundai confirmed that it was taking its first steps to bring EV production to Alabama in the United States, where its existing plant will be upgraded to accommodate hybrid and EV production. Now, Hyundai looks to be gearing up to build a dedicated EV plant in neighboring Georgia. Sources familiar with Hyundai's intentions confirmed to Reuters that the Korean automotive giant has already held discussions with officials in the Peach State.
Details of this investment remain unknown, and Hyundai was careful not to reveal any specifics when asked about it. "We are excited to announce a new EV plant plan in the United States soon, but we do not have details to share at this stage," said Hyundai in a statement.
Sources have indicated that the EV plant in Georgia will build both Hyundai and Kia EVs, including the Hyundai Ioniq 7 and Kia EV9. Apparently, the site of the new plant could be larger than 2,200 acres and was previously offered to brands like Rivian and Volvo.
Hyundai's pending investment in a dedicated EV plant comes shortly after it announced a $300-million commitment to upgrade its Alabama plant for the production of the electric GV70 and the Santa Fe Hybrid.
Considering that Hyundai is on its way to producing 17 EVs by 2030 and Kia plans to have 14 EVs of its own by 2027, a local facility would significantly contribute to these goals. It doesn't hurt that Hyundai's battery supplier, SK Innovation's battery unit, SK On, recently built two plants of its own in Georgia.
With World Car of the Year and World Electric Car awards already under its belt for the Ioniq 5, Hyundai's issue is not the quality of its EVs but rather getting into a position to build enough of them to meet market demand. With the Georgia factory looking likelier than ever, the automaker will be well-positioned to take on Tesla, Volkswagen, and others.