Hyundai Is Tesla’s Latest Challenger With Plan For $5.5 Billion U.S. EV, Battery Plant
Hyundai Motor Group intends to invest $5.54 billion in its first dedicated electric vehicle and battery plant in the U.S., joining General Motors, Ford, Volkswagen and other global auto giants that seek to dethrone Tesla as the world’s top EV brand.
The Seoul-based carmaker intends to build the factory on a 2,923-acre site in Bryan County, Georgia, with production there to begin in the first half of 2025. The facility will have the capacity to produce 300,000 vehicles annually and should employ more than 8,000 workers.
Hyundai’s multibillion U.S. investment plan follows similar announcements from GM and Ford which are also pouring billions of dollars into new and expanded factories to churn out electric vehicles amid pressure to reduce climate-damaging emissions from cars and trucks. The company has set a goal of ranking among the top three EV sellers in the U.S. by 2026.