RIVN - Hyundai and Rivian push ahead with separate Georgia EV manufacturing plans

Hyundai Motor Co. ( OTCPK:HYMLF ) is closer to setting up a $5.B electric vehicle plant near Savannah, Georgia after the local economic development agency approved its portions of the deal on Tuesday, Details of tax breaks and other incentives have yet to be disclosed.

What is known is that the joint development authority has agreed to give up hundreds of millions in taxes in exchange for the at least 8,100 jobs Hyundai ( OTCPK:HYMLF ) has promised for local counties. Officials are not expected tp release details of the incentives package until the state and Hyundai finalize the deal.

As part of the deal, Hyundai is also likely to save hundreds of millions of dollars from sales tax exemptions on machinery and construction materials.

The South Korean automaker plans to start construction next year and begin producing up to 300K vehicles per year in 2025.

The incentive package is said to be similar to the $1.5B in tax breaks and spending given to Rivian Automotive ( NASDAQ: RIVN ) for its electric vehicle factory. Importantly, the company said the recent job cuts announced will not impact the manufacturing plans for Georgia. RIVN is aiming to build electric crossovers in Georgia beginning in 2025.

Governor Bryan Kemp called the Hyundai project the largest economic development deal in Georgia's history when it was announced two months ago and has also been positive on Rivian rolling into the state.

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