Hyundai makes a significant investment to build $4 billion in Georgia
- December 10, 2022
The Hyundai Motor Group is making yet another significant investment in Georgia.
The automaker announced this week that it will collaborate with another South Korean company, SK On, a division of SK Group, to construct a new plant in Bartow County, northwest of Atlanta, to produce batteries for electric Hyundai and Kia vehicles.
The partners predict that the plant will be operational in 2025 and that the project will cost between $4 and $5 billion.
The Korean companies, both of which already employ thousands of Georgians, anticipate that the new project will result in the creation of an additional 3,500 jobs.
State and federal financial incentives are driving Hyundai and SK Group’s investments.
Since taking office in 2019, Georgia Gov. Brian Kemp has made such projects for economic development a top priority on his agenda.
In May, Hyundai reported plans to contribute $5.5 billion to construct an electric vehicle plant and battery producing office close to Savannah, which Kemp said was the biggest monetary advancement project in the state’s set of experiences.
In a press release, Kemp’s office stated that the state’s EV-related projects since 2020 had generated approximately $17 billion in investment and more than 22,800 new jobs.
Hyundai is also given an incentive by the Inflation Reduction Act to bring more production of electric vehicles and batteries to the United States. The law includes a $7,500 tax credit for electric vehicles, but only if they are assembled in North America and use batteries that contain a certain percentage of minerals that are mined or processed in North America.