Electric cars, whose popularity increased with Tesla, caused all brands to turn to this new target instead of gasoline cars. One of these brands, Hyundai, has decided to make a new investment in the US state of Georgia. However, the US factory for Hyundai electric car (EV) production promises to be in an important position. Because the South Korean brand is after producing both electric cars and batteries in this factory. In this sense, Hyundai is preparing to enter into a great competition with Tesla in the US market.
Hyundai to invest $5.5 billion for electric car factory
Tesla continues to lead by far in the US electric car market. In this way, Hyundai is preparing to challenge the company, which is one of the most valuable automobile brands, by opening a factory in the USA. The button was pressed for the investment, which became official during the US President Joe Biden’s visit to South Korea.
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Judging by the initial information, Hyundai will invest $5.5 billion in electric car production and battery factory. It aims to receive an investment of 1 billion dollars for this factory from giant brand suppliers.
Hyundai plans to start the construction of the factory on 2923 acres of land in 2023. Within the framework of this plan, the first production will take place in the first half of 2025. Hyundai plans to produce 300,000 electric cars per year at the factory.
Tesla is in a very strong position in the US market. The reaction of Elon Musk, who has recently criticized the Biden administration for ignoring Tesla, is a matter of curiosity. In 2025, when the factory will start production, it is expected that the rivalry between Hyundai and Tesla will mark the US market.
Hyundai has previously announced plans for electric cars. According to these plans, the brand plans to develop 17 electric car models by 2030. 11 of these models will go into production with the main brand Hyundai. The remaining six EV models will debut under Hyundai’s luxury brand Genesis.
Hyundai CEO Jaehoon Chang announced that they had previously allocated a budget of $ 16.08 billion for EV production. Chang did not share details for the 17 electric car models that will be produced. However, three of them will be sedans, six will be SUVs and one will be light commercial vehicles. However, Chang also announced that they will produce one unique new type of electric vehicle.