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Hyundai will invest about $5.54 billion in electric car and battery production in the US

Hyundai will invest about $5.54 billion in electric car and battery production in the US

The US is the third-largest market for electric cars, but local production, other than at Tesla, is relatively underdeveloped.
Following the example of many competitors, Korea's Hyundai Motor has decided to build an electric car and traction battery manufacturing facility in the U.S.
It will be located in Georgia and will start assembling electric cars in the first half of 2025.Image source: Hyundai MotorConstruction of the new facility will begin in 2023, and the design capacity implies the production of 300,000 electric cars per year.
This is not the only enterprise of Hyundai in the USA which will be able to establish production of electric cars for the local market.
A part of production lines in Alabama will be re-profiled for these needs and it will be spent $300 mln for these purposes.
In general, Hyundai intends to direct $7.4 bln to development of American projects related to mobility till 2025.
It is known that the new venture in Georgia will be financed on a cost-sharing basis with a certain partner, whose name Hyundai has not yet disclosed, the total project budget will exceed $5.54 billion.
It is possible that it will be South Korean company SK On, which already has facilities in Georgia to produce traction batteries.
They are supplied for the needs of Volkswagen and Ford Motor, but knowledgeable sources told Reuters that electric cars Hyundai Ioniq 7 will be equipped with batteries manufactured by SK On.
The state of Georgia intends to attract about $1 billion more in investment to build facilities by Hyundai suppliers that will create the necessary local infrastructure for the Korean giant.

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