$2.4 Trillion Support Including Tax Cuts for Hyundai Motor Plant in Georgia, USA

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] The Georgia state government in the United States has decided to provide incentives exceeding 2.3 trillion won, including tax reductions, to Hyundai Motor Company, which is building an electric vehicle factory.

According to the AP News on the 22nd (local time), the Georgia state government announced an incentive agreement worth 1.8 billion dollars (2.358 trillion won).

According to the agreement, the Georgia state government will grant Hyundai Motor Company property tax reductions exceeding 472 million dollars. They will also receive income tax credits worth 212 million dollars over five years for job creation.

Additionally, the state government and local governments near the Hyundai factory site in the Savannah area will cover 86 million dollars for purchasing power plant sites, 200 million dollars for road construction, and 50 million dollars for construction and machinery equipment funding from their own finances. AP News stated that this is the largest economic development-related contract in Georgia's history.

Hyundai plans to invest 5.5 billion dollars to build an electric vehicle-exclusive factory near Savannah, Georgia, and employ 8,100 people locally.

This content was produced with the assistance of AI translation services.