Following rivian, Hyundai also announced that it would open an electric vehicle factory in Georgia At present, Hyundai has opened a factory in Savannah, the state, and the company plans to invest another $6.5 billion to set up an electric vehicle and battery manufacturing plant, which will further promote the state's goal of becoming a major regional center of the electric vehicle industry.
According to state officials, as sales of electric vehicles began to surge, Taohua state (that is, Georgia) aims to establish a statewide closed-loop battery power ecosystem, including rare earth mining, battery and chip production and auto parts manufacturing.
Hyundai's current round of investment, including $1 billion from non affiliated suppliers, represents the largest economic development transaction recruited by Georgia. Hyundai expects to create 8100 jobs on this 2293 acre land.
The site of Hyundai company is the result of cooperation among four counties in the state. The counties used the proceeds from the sale of property to Amazon to help fund $61 million in land purchases. The cooperation calls itself Savannah harbor interstate 16 corridor joint development authority, which gathers these plots to create a "giant base that can be put into use immediately" for a large manufacturer.
Hyundai said the plant would start production in 2025 and could produce 300000 cars a year. Officials hope to replicate this model to attract more large-scale manufacturing projects into the state.