By The Financial District
May 21, 20222 min
Hyundai Motor Group has confirmed that the company will spend $5.5 billion on a huge electric vehicle plant near Savannah that will employ thousands — a deal Georgia’s governor called the largest economic development project in the state’s history, Russ Bynum reported for the Associated Press (AP).
Photo Insert: The official signing ceremony was held in Bryan County, attended by Georgia Governor Brian P. Kemp and other Georgia officials as well as Hyundai Motor Company President and CEO, Jaehoon Chang
Hyundai Motor Group CEO Jaehoon Chang made the announcement with Gov. Brian Kemp at the site of the future factory in Bryan County, where state and local officials purchased a flat, sprawling tract for $61 million last year in hopes of luring a major manufacturer.
“Hard-working Georgians are going to have the opportunity to have a really high-paying, advanced manufacturing job with a great company,” Kemp said in an interview.
Hyundai said it will employ at least 8,100 workers at the plant near the unincorporated town of Ellabell. It will be Hyundai’s first US plant dedicated to assembling electric vehicles and will also produce vehicle batteries.
“This new, high-tech EV plant represents the future of our business,” Chang told more than 100 people sipping champagne under a tent pitched at the site on a dusty field of cleared dirt.
Hyundai Motors said it plans to start construction early next year and in 2025 begin producing up to 300,000 vehicles per year. The company didn’t say which vehicle models the Georgia plant will make.
In a video shown at the Georgia announcement, Hyundai Motors Chairman Euisun Chung said it will produce “a wide range of exciting, innovative EVs for our American customers.”
The company and state officials said they expect suppliers to invest an additional $1 billion in the area.
“It’s going to continue to bring wealth and opportunity to the region,” said Kemp, who predicted a ripple effect that will boost businesses from Savannah’s already booming seaport to restaurants and convenience stores.