Combined between the Hyundai, Kia and Genesis brands, the Hyundai Group says it intends to become one of the top three sellers of EVs in the US by 2026.
If you are one of those people who are calling this weekend for the wild chance an agent can have Hyundai Ioniq 5 In stock, please hold back your laughter and be patient. To that end, the Group confirmed Friday afternoon that it will build a plant specifically for electric vehicles and batteries in Bryan County, Georgia, located on the coast of the state, near Savannah.
2022 Hyundai Ioniq 5
Location can be useful for exports and for transportation in general. It is located along I-95, about 30 miles from the Port of Savannah – the second largest container port on the East Coast. To the west, Kia has U.S. manufacturing centers across the state near the Alabama border, and Hyundai has a factory in Alabama. Battery maker SK Innovation is also building dual plants in Georgia that can support 300,000 new EVs per year.
The Hyundai plant is expected to start producing vehicles until the first half of 2025, but it won’t just be a niche operation. According to Hyundai, it represents an investment of approximately $5.54 billion and will result in the creation of approximately 8,100 new jobs. With an annual capacity of 300,000 units, it will be twice the capacity of Rivian’s Illinois EV plant but won’t be as large. Rivian’s Georgia factory and its projected capacity is 450,000, for example.
Genesis Electrified GV70
Hyundai has yet to say which vehicles will be produced at the plant. It announced in April that it plans to build All-electric Genesis GV70 in Alabama, and other Hyundai models may follow. Ioniq 7 — previewed by Seven concepts—It’s a possibility.
The funding for the plant is part of Hyundai Group’s $7.4 billion investment in the US market by 2025 and part of its global goal of selling 3.23 million all-electric vehicles annually. in 2030.
According to Atlanta Journal-ConstitutionThe Hyundai factory will likely receive a package of land, grants and tax breaks compared to the $1.5 billion package that Rivian received.
Hyundai notes that Georgia is the Southeast leader in terms of EV registrations per capita, though it should be noted that Georgia doesn’t get there organically. The state used to have one of the strongest EV incentives, at $5,000 per EV; but when that’s eliminated, phased taxes are instead, Electric vehicle sales plummet 90% in the months immediately following.
