Hyundai announces $5.5 billion EV plant in Georgia

ELLABELL, Ga. (AP) — Hyundai confirmed Friday the company will spend $5.5 billion on a huge electric vehicle plant near Savannah that will employ thousands — a deal Georgia’s governor called the largest economic development project in the state’s history.

It’s official! Our first dedicated EV and battery manufacturing facility in the U.S. will be in Georgia! https://t.co/0mm7Lhn1R6 pic.twitter.com/rW4LpIFgi5

— Hyundai USA (@Hyundai)
May 20, 2022

Hyundai Motor Group CEO Jaehoon Chang made the announcement with Gov. Brian Kemp at the site of the future factory in Bryan County, where state and local officials purchased a flat, sprawling tract for $61 million last year in hopes of luring a major manufacturer.

“Hard-working Georgians are going to have the opportunity to have a really high-paying, advanced manufacturing job with a great company,” Gov. Brian Kemp said in an interview.

Hyundai said it will employ at least 8,100 workers at the plant near the unincorporated town of Ellabell, where it will assemble electric vehicles as well as vehicle batteries. The company and state officials said they expect suppliers to invest an additional $1 billion.

“It’s going to continue to bring wealth and opportunity to the region,” said Kemp, who predicted a ripple effect that will boost businesses from Savannah’s already booming seaport to restaurants and convenience stores.

The announcement came as President Joe Biden is visiting South Korea. He was scheduled to meet with Hyundai’s CEO in Seoul on Sunday. Jake Sullivan, the president’s national security adviser, told reporters Biden “will have the opportunity to say thank you for this significant investment that will occur in the United States.”