Hyundai Motor Announces $9 Trillion Electric Vehicle Factory Investment in the U.S. During Biden's Visit to Korea
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[Asia Economy Reporter Jeong Hyunjin] Hyundai Motor Company is set to announce during U.S. President Joe Biden's visit to South Korea that it will build a $7 billion (approximately 9 trillion KRW) electric vehicle factory in the state of Georgia, according to sources cited by the Associated Press (AP) on the 12th (local time).
Sources told AP that the announcement is scheduled for the 20th in Georgia. According to reports, the new factory site is expected to be in Ellabell, Bryan County, near Savannah in eastern Georgia, and this investment is anticipated to create 8,500 jobs locally.
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Earlier, major foreign media reported that Hyundai Motor was in talks with state authorities to build a new electric vehicle production plant in Georgia. At that time, sources stated, "Once the new factory in Georgia is completed, Hyundai and Kia will launch dedicated electric vehicles and SUVs targeting the U.S. market, namely the Ioniq 7 and EV9."
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