Hyundai Motor Group has unveiled plans to build an electric vehicle(EV) and battery cell manufacturing plant in America in its push to establish a U.S. production base for EVs.
The investment plan was made official during a signing ceremony held Friday local time at the plant site in the state of Georgia, attended by Hyundai Motor Presidents Chang Jae-hoon and Jose Munoz and Georgia Governor Brian Kemp.
The new EV plant, with an annual production of 300-thousand units, aims to be up and running by the first half of 2025.
A battery cell plant will also be constructed nearby to ensure the stable supply of batteries. All in all, six-point-three trillion won will be invested in the project.
In a video message, Hyundai Motor Group Chairman Chung Eui-sun said that Hyundai is excited to partner with the State of Georgia to achieve the shared goal of electrified mobility and sustainability in the U.S.
Governor Kemp called the investment the largest economic development project in the state's history.