Hyundai to build $5.5 bn electric vehicle plant in US / Photo: © AFP/File
RIO
-0.3300
The Fort Worth Press - Hyundai to build $5.5 bn electric vehicle plant in US
USD
-
AED 3.672952
AFN 64.501385
ALL 80.969857
AMD 361.359465
ANG 1.789785
AOA 916.999657
ARS 1524.277903
AUD 1.432562
AWG 1.8
AZN 1.701831
BAM 1.74212
BBD 2.012426
BDT 123.598208
BGN 1.747831
BHD 0.377416
BIF 2995
BMD 1
BND 1.278237
BOB 11.675159
BRL 5.054017
BSD 0.999132
BTN 94.798398
BWP 13.69985
BYN 2.981094
BYR 19600
BZD 2.009486
CAD 1.409955
CDF 2313.50406
CHF 0.825905
CLF 0.024925
CLP 980.979915
CNY 6.691203
CNH 6.68241
COP 3170.81
CRC 453.826798
CUC 1
CUP 23.980333
CVE 98.217189
CZK 21.692033
DJF 177.720128
DKK 6.664175
DOP 61.451444
DZD 134.429026
EGP 53.906504
ERN 15
ETB 163.206182
EUR 0.89145
FJD 2.25945
FKP 0.750648
GBP 0.751375
GEL 2.590332
GGP 0.750648
GHS 11.676049
GIP 0.750648
GMD 73.495602
GNF 8844.094881
GTQ 7.639034
GYD 209.00734
HKD 7.848195
HNL 26.820882
HRK 6.717295
HTG 130.705681
HUF 323.356501
IDR 18050
ILS 3.103501
IMP 0.750648
INR 94.90505
IQD 1514.774979
IRR 1795877.484608
ISK 121.430134
JEP 0.750648
JMD 158.78431
JOD 0.70897
JPY 158.466032
KES 129.770054
KGS 87.45055
KHR 4068.089503
KMF 439.999779
KPW 899.999961
KRW 1331.670573
KWD 0.31091
KYD 0.83268
KZT 451.722955
LAK 22482.018394
LBP 89478.016105
LKR 331.122819
LRD 170.366279
LSL 16.42449
LTL 2.95274
LVL 0.60489
LYD 6.412478
MAD 9.77184
MDL 17.816041
MGA 4529.360679
MKD 54.914955
MMK 2099.513869
MNT 3596.411813
MOP 8.077478
MRU 40.003029
MUR 47.250098
MVR 15.460394
MWK 1732.62013
MXN 18.417275
MYR 4.082496
MZN 63.900883
NAD 16.424417
NGN 1330.470079
NIO 36.770142
NOK 9.41278
NPR 151.676406
NZD 1.765335
OMR 0.384494
PAB 0.999132
PEN 3.447023
PGK 4.544503
PHP 63.000503
PKR 276.59385
PLN 3.896601
PYG 5763.047022
QAR 3.642032
RON 4.748797
RSD 104.688796
RUB 82.751135
RWF 1476.78686
SAR 3.763551
SBD 8.064647
SCR 14.023436
SDG 601.499723
SEK 9.91338
SGD 1.28008
SHP 0.754745
SLE 24.680436
SLL 20969.504398
SOS 571.064633
SRD 37.699688
STD 20697.981008
STN 21.822878
SVC 8.742551
SYP 13001.999685
SZL 16.419114
THB 33.579773
TJS 9.202594
TMT 3.51
TND 2.982711
TOP 2.40776
TRY 49.551903
TTD 6.778453
TWD 32.481297
TZS 2649.967965
UAH 45.052265
UGX 4156.255985
UYU 40.119539
UZS 12034.649387
VES 878.910601
VND 25894.5
VUV 118.97233
WST 2.787823
XAF 584.753063
XAG 0.017428
XAU 0.000241084688
XCD 2.70255
XCG 1.80082
XDR 0.707052
XOF 584.753063
XPF 106.228901
YER 236.149687
ZAR 16.42086
ZMK 9001.204172
ZMW 19.959203
ZWL 321.999592
SSP 5750.775019
MXV 2.079123
- US to auction deep sea mining leases off American Samoa
- Maddison sparkles on Spurs return as win drought ends
- Australian lawmaker hurt in car attack underwent surgery overnight: PM
- Trump says ready to meet with Putin and Xi in China
- Japan launches rocket for potential world first Mars moon mission
- European stocks fall on unrest in France as Nasdaq bounces
- The young lawmaker making Brazil's Lula 'king of the selfie'
- Ethiopia PM warns Eritrea of 'severe consequences' if supports enemies
- Christiane Amanpour to leave CNN after 43 years
- Boland grabs opportunity for Australia as South Africa struggle in second Test
Hyundai to build $5.5 bn electric vehicle plant in US
South Korean automaker Hyundai will build a $5.5 billion electric vehicle and battery plant in the southern US state of Georgia, its governor announced Friday, as President Joe Biden pursued his trip to Seoul.
Brian Kemp made the announcement alongside Hyundai Motor Company president Jay Chang at the future factory site near Savannah, hailing the more than 8,000 jobs the venture is expected to create.
"We are proud to welcome Hyundai Motor Group to Georgia as we forge an innovative future together," Kemp said, according to a statement released by his office.
He called the plant "the largest economic development project in our state's history."
Hyundai suppliers are expected to invest an additional $1 billion in the factory, which will have an annual capacity of 300,000 units, according to the statement.
The automaker said it plans to begin construction in January 2023 and to complete the plant in the first half of 2025. It did not yet give any details on which of its electric models will be produced at the Georgia location.
"This new EV plant is the future of our business, and it will help us meet the growing demands of our US customers," Chang said in the statement.
Hyundai has projected that 27 percent of its global fleet will be electric within seven years.
By building battery production into the new factory, Hyundai "aims to establish a stable supply chain for EV battery and other EV components in the US market," the statement said.
Biden arrived on Friday in South Korea, on a trip aimed at cementing economic ties with Seoul. He is due to meet with Chang on Sunday, according to the White House.
The Hyundai plant will be the second electric vehicle factory in Georgia: electric truck maker Rivian announced in December that it will invest $5 billion to build its second US assembly plant there.
Hyundai aims to be the third-largest provider of electric vehicles in the United States by 2026, but it faces stiff competition.
The sector is currently dominated by Tesla, but traditional automakers General Motors and Ford plan to invest tens of billions of dollars to increase their electric offerings in the coming years, and many start-ups are also trying to break into the industry.
P.Navarro--TFWP
