Hyundai Breaks Ground on New U.S. Plant for EVs

  • By Ryu Jung

    October 27, 2022 13:30

    Hyundai has finally broken ground on its first U.S. plant solely dedicated to manufacturing electric vehicles.
    The plant located in Bryan County, Georgia, close to the port city of Savannah, will have a capacity to manufacture 300,000 EVs a year with production set to begin in early 2025.
    Hyundai invested US$5.5 billion to build the plant and will recoup about 30 percent of the cost in tax credits.
    Hyundai chairman Chung Eui-sun vowed to turn the plant into a "world-class" facility at a groundbreaking ceremony on Tuesday, which was also attended by Georgia state officials.
    U.S. President Joe Biden said in a statement, "My economic agenda passed by Democrats in Congress to rebuild our manufacturing and infrastructure here at home continues to pay off for the American people, this time in Georgia." Biden added, "This plant was announced during my trip to [Korea] in May, and I am excited the groundbreaking is happening months ahead of schedule. Hyundai's commitment to invest more than $5 billion and create more than 8,000 jobs making electric vehicles and batteries will help boost the entire community around Bryan County."
    The plant will produce five to six EV models, starting with the carmaker's Ioniq 5 SUV.
    Hyundai chairman Chung Eui-sun (center) and Georgia state officials shovel dirt at a groundbreaking ceremony for the automaker's new plant in the U.S. southeastern state on Tuesday.
    Hyundai aims to sell 840,000 EVs in the U.S. by 2030. In order to do that, Hyundai plans to make its two existing plants nearby -- one in Georgia and another in Alabama -- available for production of EVs. That would take the combined production volume of the three plants to around 1 million vehicles.
    Hyundai sold about 47,000 EVs during the first nine months of this year, three times more than a year ago, so it expects sales to increase even more once the new plant is completed.
    Hyundai also plans to build two additional factories for EVs in Korea by 2025 -- one in the port city of Ulsan and the other in Hwaseong, Gyeonggi Province.
    The automaker hopes to increase its global market share to 12 percent in 2030 by selling about 3 million EVs a year.
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