5.5 billion dollar investment from Hyundai

Hyundai Motor confirmed on Friday it has plans to spend $5.54 billion to build the first private electric vehicle and battery manufacturing facilities in the United States.

The facility is expected to start operating in the first half of 2025 and have an annual production capacity of 300,000 vehicles.

According to the news on CNBC; The company said the facilities will be located outside of Savannah, Georgia in Bryan County, creating approximately 8,100 new jobs.

GREAT GAIN FOR BIDEN ALSO

This will be a big win for Biden as well, given the goal that US President Joe Biden set last year for electric vehicles to represent half of all new car sales in the country by 2030.

The Biden administration has urged companies to establish electric vehicle supply chains and manufacture in the US rather than abroad.

DETAILS WILL BE ANNOUNCED LATER

Hyundai said in a statement on the subject, “The Group is accelerating its electrification efforts with the global target of selling 3.23 million fully electric vehicles per year by 2030” said.

Hyundai also said it expects to manufacture a wide range of all-electric vehicles for US customers at its new Georgia electric vehicle plant, adding that additional details will come at a later date.

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