While Hyundai revealed in January that it wasn’t turning its back on fossil-fueled vehicles, the company has demonstrated its commitment to building electric vehicles, with its first facility in the United States set to open in 2025 with an annual production capacity of 300,000 vehicles.
Last week, the automaker announced that it was planning to invest $5.54 billion to establish a battery and electric vehicle manufacturing facility in Georgia state. This facility’s construction is slated to begin next year, and production will commence in 2025. This plant will be the company’s first EV-only factory within the United States.
During a speech to announce this investment, Gov. Brian Kemp stated that the investment was the largest single investment in the state’s entire history and that the project will bring more than 8,100 high-paying jobs to Georgia. He added that he was pleased that Hyundai, which has historical ties with Georgia, was bringing this major project to the coastal state.
This project announcement is likely to be welcome news to the federal administration led by President Joseph Biden. This is because the president wants to see at least one-half of all vehicle sales within the nation by 2030 being fully-electric vehicles, and the administration has had meetings with different manufacturers in order to explore how this target can be realized. The government also passed a huge infrastructure bill through which billions of dollars will be used to beef up the electric vehicle charging infrastructure across the country in a bid to speed up the adoption of EVs.
Currently, Georgia is one of the top states in terms of new EV registrations on its roads. In terms of charging stations, the state also has an enviable reputation of having the highest per capita EV charging facilities in the entire southeast. Despite this, the state is still hard at work to keep boosting the available charging infrastructure so that as more people make the switch to electric vehicles, there will be a sufficient network of chargers to handle the added EV numbers.
It is fitting that Hyundai chose Georgia, which appears to be getting its EV act together. As time goes by, more details will become available regarding the specific models or categories of electric vehicles that Hyundai plans to manufacture at this facility. For now, the company has only announced that it plans to build different EVs targeting customers in the U.S.
As more manufacturers set up shop in the U.S. and start commercializing their EV offers, the competition between EV startups such as Mullen Automotive Inc. (NASDAQ: MULN) and legacy automakers such as Hyundai will be interesting to follow.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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