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home / news releases / HYMPY - Hyundai confirms plan to build $5.5B electric vehicle plant in Georgia

HYMPY - Hyundai confirms plan to build $5.5B electric vehicle plant in Georgia

Hyundai Motor GDR - 144A
Hyundai Motor (OTCPK:HYMTF) unveiled plans on Friday to spend $5.5B to build its first dedicated electric vehicle and battery manufacturing plant in the U.S., creating more than 8K jobs. Hyundai (OTCPK:HYMTF) said the new facility near Savannah, Georgia, will break ground in early 2023 and should begin commercial production in H1 2025 with an annual capacity of 300K units. The battery manufacturing plant will be established through a strategic partnership, with details to be disclosed later. The automaker said it expects to produce wide range of full electric vehicles for U.S. customers at the new plant, also with details to come later. The Hyundai (OTCPK:HYMTF) plant is the second massive EV project announced in Georgia in less than a year, after Rivian Automotive said in December it would build a $5B plant east of Atlanta.

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Hyundai confirms plan to build $5.5B electric vehicle plant in Georgia
Stock Information
Company Name: Hyundai Motor GDR - 144A
Stock Symbol: HYMPY
Market: OTC
Website: hyundai.com
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