Sources say Georgia will announce $7 billion investment in Hyundai EV when Biden is in Seoul

Georgia Governor Brian Kemp will announce on Friday that Hyundai Motor Group will spend more than $7 billion in the state, coinciding with President Joe Biden’s visit to Seoul. According to reports, the South Korean automotive group, which includes Hyundai Motor Co and Kia Corp, is developing an electric vehicle factory in southern Georgia. Hyundai Motor Group did not respond to a request for comment. Kemp’s office said Wednesday it would make a “special economic development announcement” Friday in Bryan County, near Savannah. According to the Atlanta Journal-Constitution, the investment will result in the creation of more than 8,500 jobs. Hyundai is in talks to develop an electric vehicle production plant in the United States.

Hyundai Group, the world’s third-largest automaker by vehicle sales, said last year it planned to invest $7.4 billion in the United States by 2025 to produce vehicles electricity, modernizing production facilities and expanding investment in smart mobility solutions – technology to improve different modes of transport. in the towns. The group said on Wednesday it would invest 21 trillion won ($16 billion) in South Korea through 2030 to expand electric vehicle production capacity in the country to 1.44 million vehicles a year. This would represent around 45% of its planned global EV production capacity for 2030, or 3.23 million vehicles.

Hyundai could also build cars powered by gasoline engines at the site. On Wednesday, White House national security adviser Jake Sullivan said Biden “will engage with technology and manufacturing leaders in Korea who are mobilizing billions of dollars in investment here in the United States. to create thousands of well-paying American jobs.”

Summary of news:

  • Sources say Georgia will announce $7 billion investment in Hyundai EV when Biden is in Seoul
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