[Asia Economy Reporter Hwang Junho] Hyundai Motor Group announced on the 23rd that it has signed an investment agreement with the Georgia state government to establish an electric vehicle (EV) dedicated complete car factory in Bryan County, Georgia, USA, capable of producing 300,000 units annually.
Hyundai Motor plans to establish the EV factory to produce various types of electric vehicles for the North American market, with the factory expected to begin operations in the first half of 2025.
Adjacent to the EV complete car factory site, a battery cell factory will also be built to secure a stable local supply chain for high-performance battery cells. The company stated that it will finalize plans after comprehensive review of various options, including strategic partnerships with battery manufacturers.
The total investment amount is approximately 6.3 trillion KRW.
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