July 25, 2022 08:28
Hyundai will get US$1.8 billion in tax breaks and other incentives from the U.S. state of Georgia in exchange for building its first U.S. electric vehicle plant there.
According to the deal disclosed last Friday, the state of Georgia and local governments will provide the Korean firm with more than $472 million in property tax breaks.
The Associated Press said last Saturday that "it's the largest economic development deal in the state's history."
The deal also calls for the automaker to invest $5.5 billion in its Georgia plant near the city of Savannah and hire 8,100 workers.
"Not only do these generational projects solidify our spot at the vanguard of the EV transition, but they also ensure that thousands of Georgians across the state will benefit from the jobs of the future," Pat Wilson, the state's economic development commissioner, said in a statement.
However, the signed agreement also requires Hyundai to pay back part of the incentives if it fails to achieve 80 percent of the promised employment or investment.
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