South Korean auto giant Hyundai has announced that it will establish an electric car factory worth 5.5 billion dollars in the USA. With this move, the giant company will aim to be the leader in the electric vehicle market in the country.
The automotive sector, which causes a significant portion of carbon emissions with the rapidly increasing effects of climate change, is trying to make moves toward a more sustainable future. Many companies around the world are announcing that they are planning to switch their vehicle fleets to fully electric cars in the coming years by establishing factories.
Hyundai to build a $5.5 billion electric car factory in the US
According to reports, Hyundai Motor Group has signed an agreement to build the first electric vehicle and battery manufacturing facility in the United States. In the statements made, it was stated that the factory will be established in the state of Georgia. In addition, it was also among the statements that the facility will be worth $5.5 billion and that it will create employment opportunities for 8,000 people.
State Governor Brian Kemp stated that they are pleased to welcome Hyundai to Georgia to build an innovative future and that the facility will be one of the largest economic development projects in the state’s history. In addition, in the statements from the managers of the company, it was stated that the construction of the facility is planned to start in January 2023 and the factory is planned to be completed in the first half of 2025. In addition, it was also stated in the statements that the facility will have an annual capacity of 300,000 vehicles and that it is expected to receive an investment of 1 billion dollars from the company.
Planning to convert 27% of the global vehicle fleet to electric cars in the next seven years, Hyundai plans to become the leader in the electric vehicle market in the USA, where Tesla is dominant, with this move. It is also stated that it is aimed to create a stable supply chain for electric vehicle components with battery production. Finally, let’s add that the giant company recently announced that it will invest $ 16.5 billion in electric vehicles in South Korea by 2030.