HYMPY - Hyundai to announce $7B Georgia EV plant next week - AP

Hyundai (OTCPK:HYMTF) is expected to announce next week it is building a huge electric vehicle plant near Savannah, Georgia, that could cost more $7B, Associated Press reports. The formal announcement reportedly would come during President Biden's expected May 20-21 visit to Seoul, South Korea, although details are still being worked out. According to previous report, the facility would serve Hyundai and Kia as the brands move to roll out a pair of fully electric SUVs, Ioniq 7 and EV9, targeted at the U.S. market. Hyundai's (OTCPK:HYMTF) battery supplier, SK Innovation, has built two adjacent plants in Georgia. The Hyundai (OTCPK:HYMTF) plant would be 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 to announce $7B Georgia EV plant next week - AP