Hyundai Motor Group will invest more than $5.5 billion in a new U.S. plant for electric vehicles, which the automaker is calling a Metaplant.
The plant will be located in Bryan County, Georgia, and a groundbreaking ceremony was held at the site on Wednesday, with Georgia Governor Brian Kemp in attendance.
Rivian also announced plans for an EV plant in the state last December, but may lose some tax credits for the plant due to the usage restrictions of the land.
Production at the Hyundai plant is scheduled to start in the first half of 2025 and the initial capacity will be 300,000 units annually. Hyundai and its partners will also establish a local supply chain to include the production of batteries and other EV components. Altogether, more than 8,100 jobs are expected to be created by the initiative.
As part of Hyundai's commitment to sustainability, the plant will primarily rely on renewable energy. Emission-reduction technologies will also be used at the site, the automaker said.
Hyundai plans to build vehicles from not only its own brand at the site, but also Genesis and Kia. An electric Genesis GV70 is already scheduled to start production in December at Hyundai's current plant in Montgomery, Alabama.
EVs are also expected to be built at Kia's current plant in West Point, Georgia, though details are yet to be finalized.
Hyundai's plant announcement is the latest of several recent multibillion-dollar investments in U.S. EV production following the passing of legislation that encourages domestic production, specifically the Inflation Reduction Act and the United States-Mexico-Canada Agreement. With these policies, automakers are able to avoid tariffs or qualify for financial incentives by producing domestically.