TimesEV
TimesEV
TimesEV
TimesEV
TimesEV
TimesEV
More
    HomeEV ProductsBatteriesHyundai Plans to Invest $5.5 billion to Build EVs and Batteries

    Hyundai Plans to Invest $5.5 billion to Build EVs and Batteries

    Hyundai Motor has confirmed plans to spend $5.54 billion to build its first dedicated electric vehicle and battery manufacturing facilities in the U.S.

    The plants will be located outside of Savannah, Georgia, in Bryan County, the company said. The operations are expected to open during the first half of 2025, with an annual production capacity of 300,000 vehicles, according to the South Korean automaker. About 8,100 new jobs are to be created.

    The investment is the latest example of a global automaker seeking to establish new supply chains and production facilities in the U.S. to produce electric vehicles, which are expected to grow exponentially during the decade.

    It’s also a major win for the Biden administration, which has been urging companies to establish electric vehicle supply chains and production in the U.S. rather than overseas. President Joe Biden last year set a target for EVs to represent half of all new auto sales in the country by 2030.

    “The Group is accelerating its electrification efforts with the global target to sell 3.23 million full-electric vehicles annually by 2030,” Hyundai said

    Hyundai also said it expects to produce a “wide range of full-electric vehicles for U.S. customers at the new Georgia EV plant,” noting additional details will come at a later date.

    The company announced the plans, details of which were previously reported, after officially entering into an agreement with Georgia; state and local incentives and other details for the new facilities were not announced.

    Hyundai said it selected Georgia “due to a range of favorable business conditions, including speed-to-market, talented workforce, as well as an existing network of … affiliates and suppliers.”

    Related Post

    Most Popular

    Best Picks

    WISE Testing Solutions: Comprehensive Products and Services for Vehicle Development and EV Battery Testing

    WISE Testing Solutions Pvt. Ltd., a privately held company registered as a limited company, aims to provide a comprehensive range of products and services...

    Anton Paar: Revolutionizing EV Battery Testing with Standardization Initiatives

    Anton Paar, a distinguished company specializing in the development, production, and distribution of precision laboratory instruments and process measuring systems, alongside delivering customized automation...

    Exploring the Challenges and Testing Methods for Electric Vehicle...

    Aimil Ltd. is an esteemed organization celebrated for its exceptional expertise spanning multiple domains such as electric vehicle battery testing (both electrical and mechanical),...

    “The core idea behind u-blox has always been to...

    u-blox develops some of the world’s leading IoT communication and GNSS modules, chips and services supporting the industrial, automotive and consumer markets. Recently Andreas...

    PRAGYATMIKA: Empowering EV, Automotive, and E-Mobility with Cutting-Edge Technology...

    PRAGYATMIKA stands out as a leading provider of effective technology solutions for the EV, automotive, and e-mobility sectors. Their comprehensive services go beyond technological...

    Jean-Louis CHAMPSEIX, VP, Head of Corporate Sustainability, emphasizes :...

    ST addresses twofold imperatives - i.e. making technology itself more sustainable, and using technology to become more sustainable. ST is one of the largest...

    Exploring the Impact of Aarjay International’s Testing & Automation...

    Aarjay International is widely recognized for its outstanding expertise in delivering comprehensive test and automation solutions. Their wide range of services encompasses electronics and...

    Future of High Voltage EV: Wide Band Gap Semiconductors

    Article Courtesy: Sterling Gtake E Mobility Limited INTRODUCTION: Wide band gap semiconductors (SiC & GaN) are regarded as the next-generation power semiconductor for automotive applications...

    Motor Control and Human Interface Technologies from Virtual Forest...

    Forests are a vital part of human existence thus it relies upon them how to conserve the forests and maintain the ecological balance. Over...

    Must Read