Hyundai looks out for a new EV manufacturing plant in U.S., plans for Georgia: Reuters
HYMTF -0.27%May 09, 2022 6:12 AM ET- Hyundai Motor (OTCPK:HYMTF) intends to announce a new EV manufacturing plant in U.S. and is underway discussions to build a facility in Georgia, near existing plants for the Hyundai and Kia brands, sources close to the matter stated as cited by Reuters.
- Investment details including its projected cost were not disclosed immediately.
- The facility, if finalized, would serve both Hyundai and Kia as the brands move to roll out a pair of fully electric SUVs, Ioniq 7 and EV9, targeted at the U.S. market.
- Hyundai's battery supplier, SK Innovation's battery unit SK On has built two adjacent plants in Georgia.
- The carmaker had been working to announce its U.S. investment in EV manufacturing sometime later this month to coincide with Biden's planned visit to Seoul.
- In mid-April, the company announced a $300M investment for manufacturing the all-electric Genesis GV 70 and a hybrid version of the Santa Fe at its Alabama plant.
- Hyundai had indicated that it will roll out 17 by 2030, including six for its luxury Genesis brand.