Tuesday, July 16, 2024

Hyundai to invest $5.54 bln to build its EVs and battery manufacturing facilities in the United States.

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Hyundai Motor Group (Hyundai Motor Co and Kia Corp) said it plans to invest $5.54 billion in the construction of electric vehicle production and battery manufacturing facilities in the United States.

The production facility will be located in Georgia and will begin construction in early 2023. The first production will begin in 2025 with an annual capacity of 300,000 EV units, the company said in a statement. With the construction of these production facilities, it is hoped that around 8,100 new jobs will be created.

The battery manufacturing facility will be constructed through a strategic partnership, details of which will be disclosed as soon as possible.

Hyundai’s investment is an important part of Hyundai’s planned $7.4 billion investment in the United States by 2025. As a result of the investment, the State of Georgia hopes to attract an additional $1 billion in investment from non-affiliated suppliers Hyundai Motor Group.

Hyundai’s investment in the US coincides with US President Biden’s arrival in South Korea on Friday.

Hyundai Motor Group is one of the world’s five largest auto manufacturers by vehicle sales.

Earlier, Hyundai Motor Group said that it plans to invest $16.43 billion by 2030 for the expansion of its electric vehicle business in South Korea.

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