Hyundai Will Invest Over $5 Million in Electric Vehicle Plant

Hyundai is set to invest $5.5 million into a manufacturing plant in Georgia. The investment is the largest economic investment in the state’s history. Factory operations are set to being in 2025.

The plants will be located outside of Savannah, Georgia, in Bryan County. The anticipated annual production capacity is 300,000 vehicles. Over 8,100 jobs are expected to be created. 

According to The Daily Wire:

“The investment also occurs as the automotive industry experiences constraints from a worldwide computer chip shortage. Many Asian economies introduced harsh lockdown measures at the onset of COVID-19, thereby creating bottlenecks in the global semiconductor supply chain. Some automotive companies have been forced to limit or pause production due to the phenomenon worsening inflationary pressures as vehicle prices surge at their highest rate in a decade.”

Hyundai’s goal is to sell 3.23 million electric vehicles globally by 2030.

Hyundai noted Georgia’s “favorable business conditions, including speed-to-market, talented workforce, as well as an existing network of … affiliates and suppliers.”

The plant will produce a wide range of fully electric vehicles for U.S. customers. More details on the plans will be announced at a later date.

Join The Discussion

Related Posts
Total
33
Share