Korean carmaker company Hyundai has announced a plan to build its first fully electric vehicle plant in the U.S. state of Georgia.
The new plant in Georgia represents an investment of approximately $5.54 billion. E-car batteries are also to be manufactured at the site, Hyundai said in a statement.
Construction is scheduled to start in January 2023 and commercial production is expected to begin in the first half of 2025, with a reported annual production capacity of 300,000 vehicles.
The planned investments should create more than 8,000 jobs, the carmaker said.
"We decided to build our first dedicated EV (electric vehicle) plant in the U.S. because America embraces change and drives innovation," said Hyundai Motor President and Chief Executive Officer (CEO) Jaehoon Chang.
"This new EV plant is the future of our business, and it will help us meet the growing demands of our U.S. customers who want leading-edge design, safe, zero-emissions vehicles now and in the future," he added.
Hyundai's announcement coincided with U.S. President Joe Biden's visit to South Korea this weekend.
With additional production capacities for e-vehicles and batteries, the group aims to become one of the three largest suppliers of battery-powered electric cars in the U.S. by 2026.
Hyundai already has two plants in the U.S., one operated by Hyundai Motor in Alabama, and the other by its mobility brand Kia in Georgia.
