Gov. Kemp: Hyundai Motor Group to Invest $5.54 Billion in Georgia at First Fully Dedicated Electric Vehicle and Battery Manufacturing Facility

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Bryan County, GA – At a signing ceremony today, Governor Brian P. Kemp and Hyundai Motor Group Executive Chair Euisun Chung announced that Hyundai Motor Group will open its first fully dedicated electric vehicle (EV) and battery manufacturing facility in the State of Georgia. Hyundai Motor Group (HMG, or "the Group") will invest $5.54 billion in opening a state-of-the-art U.S. smart factory at the Bryan County Megasite. Non-affiliated Hyundai Motor Group suppliers will invest approximately another $1 billion in the project, delivering approximately 8,100 new jobs to Georgia's coastal region.

Governor Kemp was joined by Jay Chang, President and CEO of Hyundai Motor Company, and José Muñoz, President and COO of Hyundai Motor Company, along with Hyundai Motor Group executives and state and local economic development leaders at the premier 2,923-acre site. The megasite was purchased jointly by the Savannah Harbor-Interstate 16 Corridor Joint Development Authority (JDA) and the State less than a year ago.

"We are proud to welcome Hyundai Motor Group to Georgia as we forge an innovative future together," said Governor Brian Kemp. "From initial conversations on my economic development mission to Korea to Georgia's investment in the Bryan County Megasite, we've been preparing for an opportunity like this for a long time. My commitment to hardworking Georgians to make our state the best place to live, work, and raise our families remains steadfast, and with this announcement, which is now the largest economic development project in our state's history, we will continue working to make Georgia the premier destination for quality companies who are creating the jobs of today, tomorrow, and beyond."

"As one of the world's most successful and advanced mobility leaders, we are incredibly proud to share our plan to open our first dedicated full EV and battery manufacturing facilities in the U.S.," said Hyundai Motor Group Executive Chair Euisun Chung. "The U.S. has always held an important place in the Group's global strategy, and we are excited to partner with the State of Georgia to achieve our shared goal of electrified mobility and sustainability in the U.S."

Hyundai Motor Group expects to begin construction on the new facility in January 2023, with full production expected in the first half of 2025, with annual capacity of 300,000 units. Wages throughout the project will be well-paying advanced manufacturing positions competitive in the local market.

"We decided to build our first dedicated EV plant in the U.S. because America embraces change and drives innovation," said Jaehoon (Jay) Chang, President and CEO of Hyundai Motor Company. "This new EV plant is the future of our business, and it will help us meet the growing demands of our U.S. customers who want leading edge design, safe, zero-emissions vehicles now and in the future."

In choosing Georgia, Hyundai Motor Group cited speed-to-market, workforce, and the state's ability to meet the company's carbon neutrality standards. Additionally, Georgia is home to an existing network of Hyundai subsidiaries and suppliers. Developed by the Savannah Harbor-Interstate 16 Corridor JDA over the last several years in partnership with the state, the Bryan County Megasite offers the needed speed-to-market requirements that reduce barriers to speedy operations. Industrial utilities are adjacent to the site, and extensive due diligence reports have been completed.

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"We are thrilled to partner with Governor Kemp and the Savannah Joint Economic Development Authority to bring what will be a flexible EV smart factory to Bryan County," said President and COO of Hyundai Motor Company José Muñoz. "With this plant, we will be well-positioned to win in a competitive market with more and more consumers demanding smart, sustainable mobility solutions now."

Headquartered in Seoul, Korea, Hyundai Motor Group employs 250,000 people worldwide. The Group's vehicles are sold in 193 countries through 5,000 dealerships and showrooms. At the new Georgia highly connected, automated, and flexible EV smart factory, Hyundai Motor Group plans to produce a diverse range of innovative full electric vehicles. Details of production models will be shared at later dates. Through the battery manufacturing facility, the Group also aims to establish a stable supply chain for EV battery and other EV components in the U.S. market.

When it nears planned 2025 start of operations, Hyundai Motor Group will seek local vendors and suppliers. Information related to inquiries about project RFIs, RFPs listing, and supply chain outreach will be available at www.georgia.org/hyundaimotorgroup when it becomes available.

"To say today's announcement is transformative is an understatement," said Savannah Harbor-Interstate 16 Corridor Joint Development Authority Board of Directors Chairman Carter Infinger. "The jobs being created and the investment being made by the Hyundai Motor Group will reverberate for years and years and generations to come. This is a great day for Bryan, Bulloch, Chatham and Effingham counties as well as this entire region and the State of Georgia."

Bryan County is the fastest-growing county in the state, and the strategic purchase of the Bryan County Megasite in 2021 was the largest in state history. The site is adjacent to Interstate 16 with immediate access from I-95 and I-16 to 250 major metro areas. It is less than 30 miles from the Port of Savannah, the single-largest and fastest-growing container terminal in the U.S. with two Class I rail facilities on-site provided by Georgia Central Railway.

"Today's news that Hyundai Motor Group will build a new facility in Georgia is evidence that Georgia's collective focus on supporting the electric mobility future is working," said Georgia Department of Transportation Commissioner Russell McMurry. It also exemplifies the power of our partnership and preparation. Georgia's planning to ensure our logistics networks are safe, sustainable, innovative, and ready to support economic growth continue to provide new opportunities for business and all Georgians. The Georgia Department of Transportation looks forward to the opportunities Hyundai Motor Group will bring to the state."

"Hyundai Motor Group's new location, less than 30 miles from Garden City Terminal and directly adjacent to I-16, provides stellar access to global and domestic markets for both assembly components and finished vehicle marketing," said Georgia Ports Authority Executive Director Griff Lynch. "The group's decision to expand here in Georgia is a clear endorsement of the Peach State as a dynamic center for cutting-edge manufacturing."

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Building on the state's existing automotive assets and developing workforce, Georgia is consistently welcoming increased investment in the electric mobility ecosystem and supply chain across the state. Additionally, Georgia is the Southeastern leader for EV registrations per 1,000 registered automobiles and offers more EV charging outlets per capita than anywhere else in the Southeast. Georgia's Electric Mobility and Innovation Alliance is a public-private-nonprofit initiative focused on growing the electric mobility ecosystem in the state and strengthening Georgia's position in electrification-related manufacturing and innovation.

The Georgia Department of Economic Development (GDEcD) was represented by Project Manager Taylor Walden in partnership with the Department's Georgia-based Director of Korean Investment Yoonie Kim, as well as the Savannah Harbor-Interstate 16 Corridor JDA, which includes Bryan County, Bulloch County, Chatham County, and Effingham County; the Georgia Department of Transportation; the Georgia Ports Authority; Georgia Quick Start; and Georgia Power.

"Under Governor Kemp's leadership, we have been focused on putting Georgia at the forefront of electric mobility. Today's announcement of Hyundai Motor Group's first fully dedicated EV manufacturing facility solidifies our spot at the vanguard of the EV transition," said Georgia Department of Economic Development Commissioner Pat Wilson. "We could not be more excited welcome the Hyundai Group to Georgia and to celebrate this incredible investment. This state-of-the-art facility will create exciting new possibilities for all Georgians and transform an entire region. Congratulations to everyone who has worked tirelessly to support this project. I could not be prouder to be part of Team Georgia."

At the new facility, Hyundai Motor Group plans to implement many of its advanced intelligent manufacturing technologies that are currently under test at the Group's innovation hub, including intelligent A.I.-equipped manufacturing and data-driven processes to best meet demands of customers. The plant will help support Hyundai Motor Group's efforts to achieve its carbon neutrality target through the active use of renewable energy for the facility.

With today's announcement by Hyundai Motor Group, since 2020 alone, Georgia has announced more than 20 EV-related projects that will invest more than $13.54 billion and create nearly 18,000 jobs in the state.

An exhibit of the Bryan County Megasite is available here.

About Hyundai Motor Group

Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group's mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all.

For more information about Hyundai Motor Group, please see www.hyundaimotorgroup.com.

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