Hyundai is all set to open a $6.5B EV factory in Georgia

• ByStartupStory     |    May 22, 2022

 Hyundai, one of the leading motor companies has announced that the firm is all set to build an electric vehicle factory in Georgia, Rivian – an American electric vehicle automaker is set to begin construction on its contentious plant.

Founded in 1967, Hyundai’s $6.5 billion electric vehicles and battery production plant outside of Savannah will help the state achieve its aim to become a major regional EV centre. According to state authorities, as sales of electric vehicles increase, Georgia wants to create a closed-loop battery-electric economy that involves rare-earth mining, battery and chip manufacture, and auto parts manufacturing.

South Korean multinational automotive manufacturer Hyundai decided the capital commitment of the firm, which includes $1 billion from non-affiliated suppliers, is Georgia’s largest economic development transaction. Hyundai plans to employ 8,100 people on the 2,293-acre property.

Rivian received a $1.5 billion incentive package from the state to establish a facility on 2,000 acres east of Atlanta. Rivian has agreed to recruit 7,500 people by the end of 2028, with an average yearly pay of $56,000. However, the initiative has sparked local opposition, with citizens rallying around issues ranging from land preservation to taxation.

Hyundai’s location is the result of a partnership between four Georgia counties, which pooled funds from the sale of the property to e-commerce platform Amazon to help fund $61 million in land sales. The Savannah Harbour-Interstate 16 Corridor Joint Development Authority (JDA) brought the plots together to form a “shovel-ready mega-site” for a major factory.

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