Hyundai partners to build $4B plant in Georgia
The new factory will make electric vehicle batteries for Hyundai and Kia models
Hyundai Motor Group is making another major investment in the state of Georgia.
The automaker announced this week it is joining forces with fellow South Korean firm SK On, a division of SK Group, to build a new plant northwest of Atlanta in Bartow County that will make electric vehicle batteries for Hyundai and Kia models.
The partners say the project will cost somewhere between $4 and $5 billion, and the plant should be operational in 2025.
SOUTH KOREA SEEKS 3-YEAR GRACE PERIOD ON US EV TAX INCENTIVE LAW
South Korean car manufacturer Hyundai is partnering with battery maker SK Group for a new electric vehicle battery plant in Georgia. (Yuriko Nakao/Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HYMTF | HYUNDAI MOTOR CO. LTD. | 55.35 | +0.33 | +0.59% |
The Korean firms, both of which already employ thousands of Georgians, expect the new project will create another 3,500 jobs.
Hyundai and SK Group's investments are being driven by both state and federal financial incentives.
Georgia Gov. Brian Kemp has made such economic development projects a major priority of his agenda since taking office in 2019.
Gov. Brian Kemp greets attendees at a campaign event May 17, 2022, in Alpharetta, Ga. (Elijah Nouvelage/Getty Images / Getty Images)
In May, Hyundai announced plans to invest $5.5 billion to build an electric vehicle plant and battery manufacturing facility near Savannah, which Kemp said was the largest economic development project in the state's history.
COLUMBUS, OHIO, TO SUE KIA AND HYUNDAI OVER SURGE IN VEHICLE THEFTS
Kemp's office said in a press release that, prior to the latest announcement, the state's EV-related projects since 2020 totaled roughly $17 billion in investment and more than 22,800 new jobs.
Gov. Brian Kemp walks past a Rivian electric truck after announcing Dec. 16, 2021, in Atlanta that Rivian Automotive will build a $5 billion battery and assembly plant east of Atlanta projected to employ 7,500 workers. (AP / AP Images)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Inflation Reduction Act also gives Hyundai incentive to bring more electric vehicle and battery production to the U.S. The law includes a $7,500 tax credit for electric vehicles, but only if they are assembled in North America and use batteries with a certain share of minerals mined or processed in North America.
The Associated Press contributed to this report.