Hyundai to invest $5.54 billion in Georgia at first fully dedicated electric vehicle, battery manufacturing facility

Georgia Governor Brian P. Kemp and Hyundai Motor Group Executive Chair Euisun Chung announced Hyundai is opening its first fully dedicated electric vehicle (EV) and battery manufacturing facility in Georgia. Hyundai Motor Group will invest $5.54 billion in opening a U.S. smart factory at the Bryan County Megasite. Non-affiliated Hyundai Motor Group suppliers will invest approximately another $1 billion in the project, delivering approximately 8,100 new jobs to Georgia’s coastal region.

Governor Kemp was joined by Jay Chang, President and CEO of Hyundai Motor Company, and José Muñoz, President and COO of Hyundai Motor Company, along with Hyundai Motor Group executives and state and local economic development leaders at the premier 2,923-acre site. The megasite was purchased jointly by the Savannah Harbor-Interstate 16 Corridor Joint Development Authority (JDA) and the State less than a year ago.

“We are proud to welcome Hyundai Motor Group to Georgia as we forge an innovative future together," said Governor Brian Kemp. "From initial conversations on my economic development mission to Korea to Georgia’s investment in the Bryan County Megasite, we've been preparing for an opportunity like this for a long time. My commitment to hardworking Georgians to make our state the best place to live, work, and raise our families remains steadfast, and with this announcement, which is now the largest economic development project in our state's history, we will continue working to make Georgia the premier destination for quality companies who are creating the jobs of today, tomorrow, and beyond.”

“As one of the world's most successful and advanced mobility leaders, we are incredibly proud to share our plan to open our first dedicated full EV and battery manufacturing facilities in the U.S.,” said Hyundai Motor Group Executive Chair Euisun Chung. “The U.S. has always held an important place in the Group’s global strategy, and we are excited to partner with the State of Georgia to achieve our shared goal of electrified mobility and sustainability in the U.S.”

Hyundai Motor Group expects to begin construction on the new facility in January 2023, with full production expected in the first half of 2025, with annual capacity of 300,000 units.

“We decided to build our first dedicated EV plant in the U.S. because America embraces change and drives innovation,” said Jay Chang, President and CEO of Hyundai Motor Company. “This new EV plant is the future of our business, and it will help us meet the growing demands of our U.S. customers who want leading edge design, safe, zero-emissions vehicles now and in the future.”

Hyundai Motor Group cited Georgia’s speed-to-market, workforce, and the state’s ability to meet the company’s carbon neutrality standards. Georgia is home to an existing network of Hyundai subsidiaries and suppliers. Developed by the Savannah Harbor-Interstate 16 Corridor JDA, the Bryan County Megasite offers speed-to-market requirements reducing barriers to speedy operations. Industrial utilities are adjacent to the site, and extensive due diligence reports have been completed.

“We are thrilled to partner with Governor Kemp and the Savannah Joint Economic Development Authority to bring what will be a flexible EV smart factory to Bryan County," said President and COO of Hyundai Motor Company José Muñoz. "With this plant, we will be well-positioned to win in a competitive market with more and more consumers demanding smart, sustainable mobility solutions now."

At the new Georgia highly connected, automated, and flexible EV smart factory, Hyundai Motor Group plans to produce a diverse range of innovative full electric vehicles. Details of production models will be shared at later dates. Through the battery manufacturing facility, the Group also aims to establish a stable supply chain for EV battery and other EV components in the U.S. market.

At the new facility, Hyundai Motor Group plans to implement advanced intelligent manufacturing technologies currently under test at the Group’s innovation hub, including intelligent A.I.-equipped manufacturing and data-driven processes to best meet demands of customers. The plant will help support Hyundai Motor Group’s efforts to achieve its carbon neutrality target through the active use of renewable energy for the facility.