Hyundai to Invest $5.4 Billion in New Georgia EV Plant

Hyundai Motor Group announced it will invest $5.5 billion to build the company’s first fully dedicated electric vehicle (EV) and battery manufacturing facility, to be located in the US state of Georgia.

The state-of-the-art smart factory will be complimented by a further $1 billion to be invested by non-affiliated Hyundai Motor Group suppliers, creating an estimated 8,100 jobs. The company plans to break ground in early 2023, and start production in mid-2025. The plant is expected to have the capacity produce some 300,000 EVs per year.

Georgia is already home to a thriving automotive industry, sitting at the center of the Southeastern Automotive Corridor (“Automotive Alley”), with more than 175 automotive facilities employing over 55,000 in the state.

Some notable companies include one of the largest school bus manufacturers in the US and Kia’s only North American manufacturing facility (which can produce 340,000 vehicles per year).

Seeking to leverage this base, the state has in recent years been actively courting EV investments, attracting some $7.14 billion invested in 20 electric mobility-related projects since 2020, according to the Georgia Department of Economic Development.

In June 2021, Georgia Governor Brian Kemp created the Electric Mobility and Innovation Alliance to promote EV investment in the state. Some of the projects it has attracted include an Ascend Elements project to build what, when completed, will be North America’s largest battery recycling factory, with a 30,000 metric ton annual capacity.

Ascend Elements is a lithium-ion battery recycling and engineered-materials company that aims to create a domestic, circular supply chain for electric vehicle batteries from raw materials to recycling.

Georgia is also home to SK Innovation, one of the largest EV battery manufacturers in the US, which is investing some $2.6 billion to supply 22 GWh of EV battery capacity per year – enough for 330,000 electric cars – to be expanded to 50 GWh annually by 2025.

Neal McGrath

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Neal McGrath

Neal McGrath is a New York-based financial journalist. Neal started his career covering the Asia-Pacific region for the Economist Intelligence Unit, then joined Asian Business magazine. He's subsequently held a variety of editorial positions covering business, economics, finance and sustainability. Neal has lived and worked in Hong Kong, Singapore, Germany and the US.