David Shepardson and Heekyong Yan

WASHINGTON/SEOUL – Georgia Governor Brian Kemp will declare Friday that Hyundai Motor Company is investing over $7 billion in Georgia, sources tell Reuters. This announcement coincides with President Joe Biden’s visit to Seoul.

According to sources, the South Korean auto company, which includes Hyundai Motor Corp and Kia Corp will construct a plant in South Georgia that makes electric cars (EVs).

Hyundai Motor Group refused to comment.

Kemp’s office announced Wednesday that he will make a special economic development announcement in Bryan County near Savannah on Friday. According to The Atlanta Journal Constitution, the investment will create over 8,500 jobs.

Reuters reported that Hyundai had met with Georgia officials to discuss plans for an EV manufacturing plant.

The Associated Press reported Friday that Hyundai might also make cars at the location powered by gas engines.

Jake Sullivan, White House National Security Adviser, stated Wednesday that Biden would engage with Korean technology and manufacturing leaders to help create thousands of American good-paying jobs.

Last year, Hyundai, third in world automakers by sales, stated that it would invest $7.4B in the United States to make EVs and upgrade its production plants. It also plans to increase investment in smart mobility options – technology which will improve transportation systems in cities.

According to the group, 21 trillion won (or $16 billion) will be invested in South Korea over the next three years to boost the production of electric vehicles in that country.

This would be roughly 45% of the global 2030 EV production capacity that it forecasts at 3.23 Million vehicles.

($1 = 1,274.4700 won)