The Jaxson

Community => Business => Topic started by: jaxlongtimer on May 14, 2022, 11:12:59 PM

Title: $7+ Billion EV Auto Plant Coming to Savannah
Post by: jaxlongtimer on May 14, 2022, 11:12:59 PM
Savannah on a roll.  Hyundai to announce this week:  8,500 employees, 2,200 acres, 25 miles west of Savannah

Sources: Hyundai to set $7B US plant during Biden Asia visit

ATLANTA (AP) — South Korean automaker Hyundai Motor Group is expected to announce next week that it’s building a massive electric vehicle plant near Savannah, Georgia, according to a U.S. official familiar with the anticipated announcement.

Hyundai is finalizing those plans as President Joe Biden is set to travel to South Korea next week as part of his first visit to Asia during his presidency.

The White House and Hyundai have been in discussions about the project, which is expected to bring thousands of new jobs to Georgia, and the formal announcement is likely during Biden’s scheduled May 20-21 visit to Seoul, according to the official who was not authorized to comment and spoke on the condition of anonymity.

The official stressed though that details of the formal announcement are still being worked out.

The plant could grow to include 8,500 employees and would be built on a 2,200-acre (890-hectare) site that state and local governments own near the hamlet of Ellabell, Georgia, said two people familiar with Georgia’s talks with Hyundai. The location’s about 25 miles (40 kilometers) inland from Savannah. The second person said Hyundai would invest more than $7 billion and could also build some cars powered by gasoline engines at the site, with an announcement in Georgia set for May 20. The people spoke on the condition of anonymity to discuss the confidential talks....
Title: Re: $7+ Billion EV Auto Plant Coming to Savannah
Post by: jaxlongtimer on May 21, 2022, 01:11:53 AM
Here is the actual announcement details.  A little less than the prior "leak" indicated, but close enough:

Hyundai Motor on Friday confirmed plans to spend $5.54 billion to build its first dedicated electric vehicle and battery manufacturing facilities in the U.S.

The plants will be located outside of Savannah, Georgia, in Bryan County, the company said. The operations are expected to open during the first half of 2025, with an annual production capacity of 300,000 vehicles, according to the South Korean automaker. About 8,100 new jobs are to be created.

The investment is the latest example of a global automaker seeking to establish new supply chains and production facilities in the U.S. to produce electric vehicles, which are expected to grow exponentially during the decade.

It’s also a major win for the Biden administration, which has been urging companies to establish electric vehicle supply chains and production in the U.S. rather than overseas. President Joe Biden last year set a target for EVs to represent half of all new auto sales in the country by 2030.

“The Group is accelerating its electrification efforts with the global target to sell 3.23 million full electric vehicles annually by 2030,” Hyundai said in a release.

Hyundai also said it expects to produce a “wide range of full electric vehicles for U.S. customers at the new Georgia EV plant,” noting additional details will come at a later date.

The company announced the plans, details of which were previously reported, after officially entering into an agreement with Georgia; state and local incentives and other details for the new facilities were not announced.

Hyundai said it selected Georgia “due to a range of favorable business conditions, including speed-to-market, talented workforce, as well as existing network of … affiliates and suppliers.”