Sam Boughedda

Investing.com — Hyundai Motor Co ADR (LON:) has entered into an agreement with the State of Georgia to build its first dedicated fully electric vehicle and battery manufacturing facilities in the U.S..

Automotive manufacturer, Ford Motor Company stated that it would invest about $5.54 trillion in the facility to “support its goal” of being a leading innovator in electric mobility in America. market.”

Euisun Chung, Executive Chairman of Hyundai Motor Group said that the U.S. is a key part of the Group’s strategy worldwide. He added that the State of Georgia will be able to help achieve the shared goal of electric mobility and sustainable development in America.

Commercial production of the new facility will begin in 2025. It has a production capacity of 300,000. Hyundai stated the new facility will also be set up through strategic partnerships, details of which will be disclosed later.

Hyundai stated that Georgia is a favorable location for business, due to its speed-to-market and existing network with suppliers and affiliates.

Hyundai has announced that by 2021, it will invest $7.4B in electric vehicles in America. Hyundai has set a goal to produce 3.23 Million electric cars annually by 2030.