Hyundai Motor Group to Invest $5.5 Billion to Build EV, Battery Facilities in US

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WASHINGTON/SEOUL—South Korea’s Hyundai Motor Group said connected Friday it plans to put astir $5.54 cardinal to physique its archetypal dedicated afloat electric vehicle (EV) and battery manufacturing facilities successful the United States.

Hyundai volition interruption crushed connected its caller installation successful Georgia successful aboriginal 2023 and is expected to statesman commercialized accumulation successful the archetypal fractional of 2025 with an yearly capableness of 300,000 EV units, the institution said successful a statement.

The South Korean car radical said it intends to make astir 8,100 jobs.

Hyundai Motor Group, which houses Hyundai Motor Co. and Kia Corp., added that the artillery manufacturing installation volition beryllium established done a strategical partnership, details of which volition beryllium disclosed astatine a aboriginal stage.

Reuters reported past week that Hyundai was successful talks to physique an EV manufacturing works successful the United States and had held discussions with Georgia officials.

The works is simply a cardinal portion of Hyundai’s $7.4 cardinal planned concern successful the United States done 2025 to foster aboriginal mobility. The authorities of Georgia expects to pull different $1 cardinal successful further concern from non-affiliated Hyundai Motor Group suppliers connected apical of the investment.

Hyundai’s artillery supplier, SK Innovation’s artillery portion SK On, has built 2 adjacent plants successful Georgia. The first, which mostly supplies Volkswagen AG, started accumulation successful the archetypal quarter. The second, which volition proviso Ford Motor Co., is acceptable to statesman accumulation aboriginal adjacent year.

SK On volition proviso the artillery for the Ioniq 7, a root antecedently told Reuters. SK On said it cannot remark connected proviso deals involving circumstantial customers.

Hyundai’s U.S. concern coincides with U.S. President Biden’s accomplishment successful South Korea connected Friday.

The South Korean car group, which is among the world’s 5 biggest automakers by conveyance sales, has accumulation sites successful Alabama and Georgia. In April, Hyundai Motor said it plans to put $300 cardinal to adhd EVs successful its Montgomery assembly.

Separately, Hyundai Motor Group said Wednesday it plans to put 21 trillion won ($16.43 billion) done 2030 for the enlargement of its EV concern successful South Korea.

By David Shepardson and Heekyong Yang

Reuters

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