"Hyundai's Georgia Metaplant is getting a huge infusion of cash from Korea as it enters Phase 2 of its expansion. The $2.7 billion investment will add an estimated production capacity of 200,000 units, bringing the total annual output coming out of Georgia to a whopping half-million vehicles by 2028, between 10 hybrid and full battery-electric models. The automaker will announce this at its annual CEO Investor Day event in New York today."
"To support that production, Hyundai says the investment will create around 3,000 jobs. That number is worth pausing on-3,000 jobs. It's no small promise. Between Hyundai, Rivian, SK, and the numerous other e-mobility companies operating out of the region, the EV industry makes up a whopping 26,000 jobs in the region. Hyundai's labor pledge is an increase of 11.5% jobs."
"Its cash infusion is also significant, representing an additional 10% of the $27.3 billion pledged in Georgia's local economy since 2018 from EV manufacturers and their downstream suppliers. This will help Hyundai reach its goal of manufacturing 80% of the cars it sells in the State domestically, and its investments in local supply chains will increase locally-sourced parts from 60% to 80%."
Hyundai will invest $2.7 billion to fund Phase 2 of the Georgia Metaplant expansion, adding roughly 200,000 units of annual production capacity. Total output from Georgia will reach about 500,000 vehicles annually by 2028 across ten hybrid and battery-electric models. The investment is expected to create approximately 3,000 local jobs, raising Hyundai's regional employment commitment by 11.5%. The cash infusion represents roughly 10% of the $27.3 billion pledged to Georgia since 2018 by EV manufacturers and suppliers. Hyundai aims to manufacture 80% of the cars it sells in the State domestically and boost locally sourced parts from 60% to 80%.
Read at InsideEVs
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