Shulou(Shulou.com)11/24 Report--

On October 26, according to foreign media reports, Hyundai Automobile Group, which is investing heavily in electric vehicles, is vigorously expanding its production capacity. On May 20, they announced on their website that they had reached an agreement with Georgia. It will invest 5.54 billion US dollars to build a factory and battery factory specializing in electric vehicles.

Five months after the announcement, Hyundai Motor Group has officially begun construction of its electric car and battery plant in Georgia.

Hyundai Motor Group announced on its website that the construction of their new plant in Georgia officially began on Tuesday local time, and a number of senior officials, including President Zheng Yixuan and the governor of Georgia, attended the ceremony.

The $5.54 billion needed by Hyundai Motor Group to build an electric car and battery plant in Georgia will be provided by Hyundai Motor Group and its parts suppliers. Upon completion, it is planned to be used to produce a range of electric vehicles launched by Hyundai, Kia and Hyundai's luxury car brand Gaines.

According to the plan, Hyundai Motor Group's plant will take nearly two years to complete, and commercial production is expected to begin in the first half of 2025, with a planned annual production capacity of 300000 vehicles.

Like other corporate factories, Hyundai Motor Group's electric car and battery plant in Georgia will create a large number of jobs during and after construction. Hyundai Motor Group said on its website that the plant will create more than 8100 jobs in the next few years as it plans to build a stable supply chain of electric vehicle batteries and other components.

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