Hyundai, Georgia Tech To Invest $12.6bn To Boost Electric Mobility

Hyundai, Georgia Tech To Invest $12.6bn To Boost Electric Mobility

Georgia Tech and Hyundai Motor Group have signed a Memorandum of Understanding (MoU) to collaborate on research and applications to support the future of sustainable mobility, including developing a hydrogen economy, workforce development, and making cities smarter and more sustainable, among many other areas of cooperation.

The group is investing $12.6 billion in Georgia’s new dedicated electric vehicle and battery manufacturing facilities. The investment includes the $7.59 billion Hyundai Motor Group Metaplant America (HMGMA) site in Bryan County, Georgia. The group claimed that this would create more than 8,500 direct jobs. In addition, the $5 billion battery manufacturing facility joint venture with SK On in Bartow County, Georgia, would employ around 3,500 people. The proximity of these facilities to Georgia Tech was one of the important considerations in deciding their locations, a release from the companies said.

The collaboration with Georgia Tech builds upon the group’s long history in Georgia. The Kia Georgia’s West Point assembly plant began vehicle production in 2009. University System of Georgia Chancellor Sonny Perdue, participating in the HMG-Georgia Tech MOU ceremony, was the Governor of Georgia at the time of the Kia Georgia plant’s opening.

Also, a recent study by the Center for Automotive Research reveals that Hyundai Motor’s automotive operations contributed $20.1 billion and 190,000 jobs to the US economy in 2021 alone. According to the study, Hyundai’s investments in Georgia are expected to create nearly 40,000 jobs and $4.6 billion in annual earnings.

“Like Georgia Tech, Hyundai is a global brand synonymous with quality, innovation, and a commitment to advancing technology to make a positive difference in the world. The more we have gotten to know each other, the more obvious the alignment of our values has become,” said Georgia Tech President Ángel Cabrera.

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“We are thrilled to create a partnership with Georgia Tech that includes research and applications to support the future of sustainable mobility, hydrogen economy, workforce development, and smart cities, among many other areas of cooperation. Today is the beginning of a partnership that will last for decades, and this partnership is one of the reasons why we chose Georgia for our EV investments,” Jay Chang, President and CEO of Hyundai Motor Company, said.

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“Hyundai’s investments in Georgia will create tens of thousands of jobs and bring tens of billions of dollars in economic impact for decades to come,” said José Muñoz, President and Global COO of Hyundai Motor Company, and President and CEO of Hyundai and Genesis Motor North America. “Proximity to institutions like Georgia Tech was one of the many reasons Hyundai selected Georgia for our new EV manufacturing facility.

Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel and construction, logistics, finance, IT and service.