Hyundai has announced a $ 5.5 billion EV plant in Georgia

ELLABELL, Ga. (AP) – Hyundai confirmed Friday that the company will spend $ 5.5 billion on a huge electric vehicle plant near Savannah that will employ thousands of people – a deal Georgia’s governor called the largest economic development project in the state’s history.

Hyundai Motor Group CEO Jahun Chang announced with Governor Brian Kemp the future factory site in Brian County, where state and local officials bought a flat, a wide tract last year for $ 61 million in hopes of enticing a larger manufacturer.

“Hardworking Georgians are going to have the opportunity to get really high-paying, advanced manufacturing work with a great company,” Governor Brian Kemp said in an interview.

Hyundai says it will employ at least 8,100 workers at the plant near the unorganized town of Elabel, where it will integrate electric vehicles as well as car batteries. Companies and state officials say they expect suppliers to invest an additional $ 1 billion.

“This is going to bring wealth and opportunity to the region,” said Kemp, who predicted a ripple effect that would boost business from the already growing seaport of Savannah to restaurants and convenience stores.

The announcement came as President Joe Biden was visiting South Korea. He was scheduled to meet with Hyundai’s CEO in Seoul on Sunday. Jack Sullivan, the president’s national security adviser, told reporters that Biden “will have the opportunity to thank you for this significant investment that will happen in the United States.”

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