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Hyundai Motor announced a large investment project worth more than 5.5 billion USD in the US

Hyundai Motor announced a large investment project worth more than 5.5 billion USD in the US - Photo 1.

The Hyundai logo at a factory in Asan, south of Seoul, South Korea. (Photo: AFP/VNA)

South Korea’s Hyundai Motor Group announced on May 20 that it will invest 5.54 billion USD to build a factory to produce electric vehicles and specialized car batteries in the US.

This is the next step in the company’s vehicle electrification in the world’s most important auto market.

The announcement came shortly after US President Joe Biden arrived in South Korea, starting a three-day tour in the Northeast Asian country aimed at promoting economic alliances and global supply chains.

Hyundai Motor Group Chairman Chung Euisun emphasized: “The US has always been an important part of the Group’s global strategy, and we are delighted to partner with the state of Georgia to achieve our common goal of sustainable development. sustainability and electrification of vehicles.”

Hyundai Motor Group plans to start construction of a battery and electric vehicle factory with a capacity of 300,000 units/year in January 2023 and start production in the first half of 2025.

Hyundai chose Georgia to locate the factory due to its speed to market, the state’s workforce and the company’s ability to meet carbon neutrality standards. Georgia is home to an existing network of Hyundai subsidiaries and suppliers.

Georgia Governor Brian Kemp calls Hyundai’s investment the largest economic development project in the state’s history.

Together with Hyundai Motor, the group’s unaffiliated suppliers will invest an additional $1 billion in the plant, creating at least 8,100 new jobs in Georgia.

New electric vehicle (EV) plant in Georgia will help Hyundai Motor Co. and Kia Corp strengthen production capacity as they plan to launch all-electric sport utility vehicles (SUVs) such as the Hyundai IONIQ 7 and Kia EV9 in the US market. The Hyundai Group also has a plant in Alabama and Kia has a plant in Georgia.

Last month, Hyundai Motor announced it would invest $300 million in a plant in Alabama to begin production of the Santa Fe petrol hybrid and all-electric GV70 SUV under the luxury Genesis brand later this year.

Hyundai Motor plans to launch 17 EV models by 2030, including six Genesis models, while Kia plans to launch 14 EV models by 2027.

The two companies’ electric vehicle plans are in line with the Biden administration’s efforts to attract more investment in electric vehicles and create more jobs in the electric vehicle industry. The US government has set a target that EVs will account for 50% of auto sales in the US market by 2030.

Global carmakers have been racing to produce environmentally friendly models amid tightening regulations on greenhouse gas emissions, which scientists say is the cause of the phenomenon. global warming phenomenon.

Hyundai has 7 factories in South Korea and 11 overseas, including 4 in China and one in the US, Czech Republic, Turkey, Russia, India, Brazil and Indonesia. The total capacity of this enterprise reaches 5.65 million vehicles.

Kia has 8 factories in the country and 7 plants abroad, including 3 factories in China and 1 factory in the US, Slovakia, Mexico and India. The total capacity of this enterprise is 3.84 million units.

During his stay in Korea, US President Biden plans to meet leaders of major Korean corporations to promote investment in the US.

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