Hyundai and LG Energy Solution have revealed that construction of the factory in Georgia will commence in the second half of 2023.
Image source: Reuters

According to a signed agreement made public late last week, the state of Georgia and local governments will provide Hyundai Motor Group with $1.8 billion in tax breaks and other incentives in exchange for the automaker constructing its first U.S. plant specifically for electric vehicles, close to the port city of Savannah.

Hyundai is required by the agreement to hire 8,100 people and invest $5.5 billion in its Georgia plant. This has been the most significant economic investment in the state. A few months ago, Georgia closed another lucrative deal with electric vehicle manufacturer Rivian to establish a factory.

Pat Wilson, the state’s Economic Development Commissioner, approves of both the deal and the incentives since it would boost interest in electric vehicles while also providing Georgians across the state with reliable jobs in the future.

At the project’s expansive 2,900-acre site in Bryan County, west of Savannah, Hyundai officials and Governor Brian Kemp announced the agreement.

Hyundai intends to build the facility in the coming year and produce up to 300,000 vehicles annually in 2025. EV batteries will also be manufactured at the new factory.

The deal, made public on Friday, is worth around $300 million more expensive than the incentives Rivian received. In total, Georgia and four counties near Savannah are giving Hyundai $228,000 for each new job created.


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