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Automakers big and small are investing in electric vehicles, which goes beyond just designing and engineering new products. For many, the march towards full electrification includes dedicated EV factories and battery production plants, and Hyundai and Kia are no different. Recently Reuters reports say that the Korean auto company plans to build a new EV factory in Georgia.
Reuters, citing “three people with direct knowledge” of Hyundai’s plans, alleges that the automaker has held discussions with Georgia officials about building a new EV plant in the state. According to the report, Hyundai wants to build a factory near the existing Hyundai and Kia factories. Sources state that it will cater to the new Hyundai Ioniq 7 and Kia EV9 electric SUVs.
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Hyundai COO Jose Muñoz announced last month that they would building a new EV and battery factory in the US, but it is not stated where. The new production facility is part of the company’s plan to invest $7.4 billion by 2025 into its US operations. EVs are just one part of the investment, which also includes money to develop airplanes, robots and autonomous driving technology.
When Reuters contacted Hyundai about the allegations, the automaker declined to share details about its plans for a new EV factory. Georgia Department of Economics also refused Reuters‘ asked for comment on this matter.
The amount of direct investment and the number of jobs it could create are still unknown. However, last month, Muñoz revealed that a $300 million investment into the Alabama plant would generate 200 new jobs, and the new plant should be able to create many more.
Both Hyundai and Kia have aggressive EV goals, and a dedicated EV factory will help achieve them. Kia wants 14 EVs in its lineup by 2027, while Hyundai wants 11 in its portfolio by 2030. Genesis could offer as many as six EVs by the end of the decade. EV sales remain a tiny fraction of the overall new car market, but automakers are working at a rapid pace to introduce new products that dispel the dominance of gasoline-powered cars worldwide.
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