Hyundai could build EV plant in Georgia

Seoul / Detroit – Hyundai plans to build a new electric-vehicle plant in the United States and has held talks with Georgian officials, near existing plants for the Hyundai and Kia brands, people with knowledge of the plan told Reuters.

Hyundai Motor has confirmed an upcoming plan for a new EV plant but declined to comment on any details, including site discussions.

“We are excited to announce plans for a new EV plant in the United States soon, but at this stage we do not have details to share,” Hyundai told Reuters in a statement when asked about its investment plans.

Hyundai is in talks with state officials to build a dedicated EV facility in Georgia, three people with direct knowledge of the talks told Reuters. The details of the investment, including the expected cost and the number of jobs expected to be created, were not immediately known.

The new Georgia EV facility, if finalized, will serve both Hyundai and Kia as the brands roll out a pair of fully electric SUVs – the Ioniq 7 and EV9 – targeting the US market. The plan told Reuters.

Representatives from the Georgia Economic Development Authority could not immediately be reached for comment.

The announcement of Hyundai’s investment deal comes at a time when President Joe Biden’s administration is pushing for more investment from EVs and related suppliers to create jobs and run a clean-energy agenda. This would mark a major economic development victory for Georgia, which has pushed itself to establish itself as a regional hub for the emerging EV industry.

Hyundai was working to announce a U.S. investment in EV production later this month to coincide with Biden’s planned visit to Seoul, said another person with knowledge of the plan.

Hyundai last month announced a 300-million investment to build a hybrid version of the All-Electric Genesis GV70 and Santa Fe at its Alabama plant. The Genesis model will be Hyundai’s first EV made in the United States.

Hyundai’s comments to Reuters were the company’s first confirmation that it was close to an announcement on a site for a new EV plant.

Hyundai-approved Kia also said last month that it wanted to shift production to the United States but was not considering a dedicated EV plant of its own.

Kia says it will have 14 EVs by 2027 Hyundai says it will roll out 17 by 2030, including six for the luxury Genesis brand.

Hyundai’s battery supplier, SK Innovation’s battery unit SK On, has built two adjacent plants in Georgia. The first, which mostly supplies Volkswagen AG, began production in the first quarter. The second, which will supply batteries for the Ford Motor Co., is set to begin production early next year.

SK will provide batteries for the Ionic 7, a person familiar with the deal told Reuters. SK On said it could not comment on supply deals involving specific customers.

Biden is due to visit South Korea on May 20 for a meeting with incoming South Korean President Eun-suk-eol, a spokesman for South Korea’s move to strengthen ties with the United States.

The Biden administration has said it will allocate more than $ 3 billion in infrastructure funding to finance EV production. Biden wants half of all cars sold in the United States to be electric by 2030.

Other Asian companies that have announced plans to build a US battery plant include Korea’s LG Energy Solutions and Samsung SDI.

Reuters reported earlier this month that CATL, the world’s largest battery maker, is in talks with potential sites in South Carolina and Kentucky to open battery plants that will serve BMW AG and Ford.

A South Korean media report said Eun, who took office on Tuesday, also planned a follow-up visit to Washington following Biden’s visit to Seoul, where he would be with leaders of top South Korean companies, including Hyundai Motor and SK, to discuss investment. United States.

A UN spokesman on Monday denied the plan as reported.

(Reporting by Heikyung Young in Seoul and Ben Cleman in Detroit; Written by Kevin Crowley; Edited by Edmund Clayman)

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