ELLABELL, Ga. – Hyundai Motor Group, solidly No. 2 in the US electric vehicle market in the first quarter, will invest $5.5 billion in its world’s first dedicated electric vehicle factory in this Georgia city, it said on Friday the South Korean car manufacturer. Providers will invest an additional $1 billion.
The plant, about 30 miles northwest of Savannah, Georgia, is the cornerstone of Hyundai’s long-term investment in electric vehicles and would make it the first Asian automaker to dedicate a North American plant exclusively to vehicle production. electrical. All vehicles produced there will be sold in the US.
Along with the new plant, the automaker plans to build a battery manufacturing factory with a joint partner, the automaker’s chief executive said. automotive news. An announcement will come “soon”.
Hyundai’s global chief operating officer, Jose Muñoz, who is also the head of the automaker’s North American operations, confirmed that as many as six models will be built there by 2028, with the factory building a mix of models. A supply chain industry source who asked not to be identified earlier said automotive news which the factory is expected to launch with the Hyundai Ioniq 7 in 2025. The source said production of a Kia EV pickup could start in the first half of 2026, followed by a Hyundai-branded EV compact pickup in the second half. Production of the Genesis EV is also planned.
This new factory represents “the future of our business,” Hyundai Motor Co. CEO Jaehoon Chang told an audience gathered here. “You will help us meet the growing demands of our American customers.”
“The transition to the US market will be much quicker than we anticipated before. So we will be ahead of the game,” Chang said in a post-announcement interview. “That’s why we’re trying to do something faster than anyone else.”
The Hyundai group, maker of the Hyundai, Kia and Genesis brands, has pledged $16 billion globally through 2030 for electric vehicles. Kia Corp. has earmarked about half of its five-year, $22 billion investment budget for future projects such as electric vehicles.
The group is targeting annual sales of more than 3 million electric vehicles worldwide by 2030. The Hyundai and Genesis brands are developing 17 battery electric models globally by 2030, and Kia plans a lineup of 14 electric vehicles. by 2027.
In the US, Hyundai sells the Kona Electric and Ioniq 5 crossovers, Kia sells the Niro EV and EV6 crossovers, and Genesis just launched the GV60, which shares a dedicated EV platform with the Ioniq 5 and EV6. For next year, Hyundai will add an electric sedan, Kia will launch a three-row electric crossover, and Genesis will add electric versions of the G80 sedan and GV70 crossover.
Hyundai did not say which models would be built at the new factory, but the automaker is looking to source more electric vehicles in the critical North American market. In its press release, the company said it will produce a “wide range of innovative EV models” there.
“We think this is a perfect time to think about increasing our capacity in the US and focus on what we believe is not just the future but already the present, which is EV,” Muñoz said. automotive news this month.