Hyundai expects its new electric vehicle facility in Georgia to open in 2025. The automaker has invested over $5.5 billion into this complex dedicated to the sole development of electric vehicles. This recent investment shows us the latest in a wave of auto investments that have flowed to the US South. When they fully ramp it up, this auto factory has capabilities of producing 300,000 electric vehicles each year.
Growing Investment in Electric Vehicles
Like dozens of other automakers, Hyundai belongs to a growing list of automakers that have invested more into electric vehicle manufacturing. Hyundai has already unveiled its plans to roll out 23 battery-powered vehicles by 2025. We already see them with a factory in Alabama where they are making Hyundai vehicles, and they have another factory where they build the popular Kia.
This investment shows us an exciting new development in US manufacturing from the brand because the last time that they invested in a factory in the US was back in 2009.
Hyundai: Ambitious Plans
Hyundai has a goal to sit among the top three electric automakers by 2026. The investment in Georgia will allow the Korean brand to achieve its goals while creating jobs for the American people. An estimated 7,500 new manufacturing jobs will come out of Hyundai's investment in Georgia.
Why did Hyundai choose Georgia to manufacture? Hyundai said that the reason behind them choosing Georgia stemmed from the fact that it was close to its suppliers. The ease of access to other crucial US cities also made it a key decision. This will mark the first investment where Hyundai will exclusively build electric vehicles at the plant.
Following the Buying Trends: Hyundai
Hyundai's decision to target the electric vehicle market may come from the fact that an estimated 16 percent of the sales in the auto market in the US will be electric vehicles by 2025. That number rises substantially to 40 to 50 percent by 2030.
Largest Economic Development in State's History
The $5.5 billion investment is the largest economic development project in the history of Georgia. Jae Hoon Chang, the CEO and President of Hyundai said that this plant will represent the future of their business.
Conclusion
If you'd like to learn more about Hyundai and its vehicle plans, visit our dealership for further information. We would love to assist you, and we have the knowledge to do so.
