Hyundai to Announce Georgia EV Plant

Reports indicate that Hyundai will announce plans for an EV assembly plant in Georgia during President Joe Biden’s visit to South Korea.

Biden travels to South Korea next week as part of his first trip to Asia as president, and the White House and the Korean automaker have reportedly been in talks about the plant. A formal announcement is expected either May 20 or 21 when Biden visits Seoul.

The plant will be in the Savannah, Georgia, area. Plans are for it to occupy a 2,200-acre site 25 miles inland from Savannah that’s currently under state and local government ownership and create up to 8,500 jobs. We’ll note that readers should take those numbers with a grain of salt, since plans aren’t formalized and could change.

Sources also tell CNBC that Hyundai could invest up to $ 7 billion and also build some internal-combustion engine cars at the plant, as well.

This follows on the heels of last year’s announcement that EV startup Rivian is set to spend $ 5 billion on a plant 45 miles from Atlanta – one that reportedly will create 7,500 jobs.

[Image: Hyundai]

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