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

According to news on September 5, according to foreign media reports, due to the rising cost of building a plant caused by inflation and other factors, Hyundai Motor Group's investment in building a special electric vehicle factory in Savannah, Georgia, and a joint venture battery plant with LG New Energy will also increase to 7.59 billion US dollars.

Foreign media reports show that Georgia has announced that Hyundai Motor Group and LG New Energy will increase investment. Reaching 7.59 billion US dollars, that means the investment in building the plant has increased by more than 2 billion US dollars compared with the 5.54 billion US dollars announced by Hyundai Motor Group in May last year.

Foreign media also disclosed in the report that due to the impact of inflation, the construction cost of Hyundai Motor Group and LG New Energy plant in Georgia increased by more than 30% compared with the original plan, which is also the main reason for their increased investment.

After the increase in investment, Hyundai Motor Group will remain the main investor. Foreign media reported that Hyundai Motor Group initially planned to invest US $3 billion in electric vehicle factories and US $2 billion in joint venture battery plants. The investment in the joint venture battery plant is expected to exceed US $4.3 billion.

Hyundai Motor Group's dedicated electric vehicle plant in Georgia is scheduled to be operational in the second half of next year to produce Hyundai, Kia and Genisse models with a planned annual production capacity of 300000 vehicles.

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