Distributed Energy Resources, GHG Emissions, Industrial, Sourcing Renewables - May 24, 2022
Hyundai Invests $10B in U.S., EV Battery Plant
Hyundai Motor Group (HMG), reaffirmed its commitment to expanding investment in the U.S. with plans to spend over USD $10 billion to accelerate innovation and mobility electrification. The move supports carbon neutrality goals with new technologies and contributes to manufacturing in the U.S.
The automaker disclosed a USD $5.54 billion plan to establish its first dedicated U.S. EV and battery manufacturing facilities in Georgia to build a wide range of new full EVs for its U.S. customers.
The new facility on a 2,923-acre site in Bryan County, Georgia, will break ground in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The new facility will help HMG lead the U.S. auto market’s EV transition and the Group’s roadmap to be one of top three EV providers in the U.S. by 2026.
The plant will mainly rely on renewable energy sources to power the facility and use emission-reduction technologies to meet the RE100 requirements.
"We have come a long way and become very successful in a short period of time, but we are also preparing for our future," said Euisun Chung, Executive Chair of Hyundai Motor Group in a statement. “The Group will strengthen our partnership with U.S. public and private entities to offer innovative products and mobility solutions to our valued customers in the U.S. while supporting global carbon neutrality efforts.”
As one of the global leaders in innovation, HMG has allocated a series of additional expenditures to foster key future businesses such as robotics, advanced air mobility (AAM), autonomous driving, and artificial intelligence. The investment will enable HMG to offer diverse mobility products and services with greater safety and convenience.