car maker Hyundai engine It announced Saturday that it will invest $5.54 billion in the United States to build a new production plant for electric vehicles and batteries in Georgia.
The South Korean group published its project for new production facilities, coinciding with the visit of the leader of the White House to the Asian country, Joe BidenHe promised to strengthen economic cooperation with Seoul and increase the joint commitment to developing clean industries.
Hyundai Motor Company plans to start building the plant in Georgia next January with the aim of starting operation in the first half of 2025, with an annual production capacity of 300,000 electric cars, according to a statement issued by the South Korean group.
Hyundai indicated that it chose the US East Coast state due to its availability of labour, “for its ability to meet carbon neutrality standards” or the group’s existing network of subsidiaries and suppliers.
Kia, which belongs to the Hyundai group, already has a production plant in Georgiawhile South Korea’s largest automaker also has production facilities in Alabama, where it will invest an additional $300 million to produce hybrid and electric models, it announced last month.
The $5.54 billion investment in Georgia will be matched by another $1 billion from unaffiliated providers, which are expected to create more than 8,000 jobs in the state, according to Hyundai.
“The United States has always been an important point in our global strategy,” said Group President Chung Eui-sun, who also emphasized that the new plant in Georgia would allow Hyundai “to achieve the common goal of electric mobility and sustainability in the United States.”,” the statement gathers.
The plans were revealed by the South Korean company on the same day as a summit between Biden and South Korean President Yoon Suk-yul, during the second day of the visit of the US president, who also plans to meet the leader on Sunday. Hyundai.
In the joint statement agreed today, Biden and Yoon both promised to “strengthen their cooperation” in clean energy industries such as “hydrogen, clean transportation or accelerate the development of zero-emission vehicles,” in line with global goals against climate change.