Hyundai Motor Group will invest 5.5 billion to build EV and battery facilities

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Washington / Seoul – South Korea’s Hyundai Motor Group said Friday it plans to invest about $ 5.54 billion in the United States to build its first dedicated full electric vehicle (EV) and battery manufacturing facility.

Hyundai is expected to break ground on its new facility in Georgia in early 2023 and begin commercial production in the first half of 2025 with an annual capacity of 300,000 EV units, the company said in a statement.

South Korea’s auto group says it wants to create about 8,100 jobs.

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Hyundai Motor Group, which includes Hyundai Motor Co and Kia Corp, added that the battery manufacturing facility will be established through a strategic partnership, details of which will be released at a later stage.

Reuters reported last week that Hyundai was in talks to build an EV manufacturing plant in the United States and was in talks with Georgian officials.

The plant is part of Hyundai’s বিনিয়োগ 7.4 billion planned investment to boost future mobility in the United States by 2025. The state of Georgia hopes to attract an additional $ 1 billion in additional investment from non-affiliated Hyundai Motor Group suppliers at the top of the investment. (Reporting by David Shepardson in Washington and Heikyung Young in Seoul; Editing by Kirsten Donovan)

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