Hyundai Confirms US EV Plant

• Hyundai will build a dedicated EV production plant in the US to aid their electric vehicle program.

• Hyundai and affiliate company Kia are dedicated to launching more than 30 electric vehicles by 2030.

• The new factory will likely be built in Georgia, per Reuters reporting.

Hyundai Motor Company will continue its venture into the EV marketplace with a dedicated plant in the US, Reuters reports. The South Korean manufacturer is allegedly in discussions with Georgia state officials, though Hyundai has declined to comment on specifics of the upcoming plant. The proposed Georgia facility would be a hub for Hyundai and Kia as they finalize the Ioniq 7 and EV9 SUVs.

This announcement comes on the heels of Hyundai’s commitment to creating 11 new electric models by 2030. Kia has followed suit, announcing the development of 14 electric models by 2027, along with Hyundai’s luxury offshoot Genesis, who is set to offer six new electric models in the next eight years.

Globally, vehicle manufacturers are moving to EV power in part because of environmental regulations and the ensuing government subsidies. The Biden administration has demonstrated its dedication in the form of $5 billion toward a national charging network and $3 billion aimed at the development of battery manufacturing and recycling.

The South is poised to become an epicenter for this EV-related manufacturing, from batteries to vehicles as a whole. SK Innovation, battery supplier for Hyundai and Volkswagen, has two battery plants in Commerce, Georgia. Rivian’s second US plant is also in Georgia and is slated to begin production in 2024. Even the world’s largest battery manufacturer, Contemporary Amperex Technology Co., is purportedly in the final stages of establishing US manufacturing plants in South Carolina and Kentucky.

While Hyundai couldn’t confirm a projected number of jobs created by the plant, the scale of such a facility is likely to bring thousands of direct jobs and indirect jobs to the area. And with dozens of EVs on the way, Hyundai and Kia are creating additional pressure on competitors to reach the Federal target of 50% electric car sales by 2030.

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