Hyundai to Invest $5.54 Billion in Electric Vehicle Manufacturing in Georgia
At a signing ceremony Friday, Governor Brian P. Kemp and Hyundai Motor Group Executive Chair Euisun Chung announced that Hyundai Motor Group will open its first fully dedicated electric vehicle (EV) and battery manufacturing facility in the State of Georgia. Hyundai Motor Group (HMG, or "the Group") will invest $5.54 billion in opening a state-of-the-art U.S. smart factory at the Bryan County Megasite. Non-affiliated Hyundai Motor Group suppliers will invest approximately another $1 billion in the project, delivering approximately 8,100 new jobs to Georgia’s coastal region.
Governor Kemp was joined by Jay Chang, President and CEO of Hyundai Motor Company, and José Muñoz, President and COO of Hyundai Motor Company, along with Hyundai Motor Group executives and state and local economic development leaders at the premier 2,923-acre site. The megasite was purchased jointly by the Savannah Harbor-Interstate 16 Corridor Joint Development Authority (JDA) and the State less than a year ago.
“We are proud to welcome Hyundai Motor Group to Georgia as we forge an innovative future together," said Governor Brian Kemp. "From initial conversations on my economic development mission to Korea to Georgia’s investment in the Bryan County Megasite, we've been preparing for an opportunity like this for a long time. My commitment to hardworking Georgians to make our state the best place to live, work, and raise our families remains steadfast, and with this announcement, which is now the largest economic development project in our state's history, we will continue working to make Georgia the premier destination for quality companies who are creating the jobs of today, tomorrow, and beyond.”
“As one of the world's most successful and advanced mobility leaders, we are incredibly proud to share our plan to open our first dedicated full EV and battery manufacturing facilities in the U.S.,” said Hyundai Motor Group Executive Chair Euisun Chung.“The U.S. has always held an important place in the Group’s global strategy, and we are excited to partner with the State of Georgia to achieve our shared goal of electrified mobility and sustainability in the U.S.”
Hyundai Motor Group expects to begin construction on the new facility in January 2023, with full production expected in the first half of 2025, with annual capacity of 300,000 units. Wages throughout the project will be well-paying advanced manufacturing positions competitive in the local market.
Read more about the facility here.
