It was the first time the South Korean automaker has identified which model of electric vehicle it will produce at its USD 7.6 billion EV and battery plant west of Savannah. The factory should begin operating in the fourth quarter, the company said in a news release, though it didn't specify which month.
"We are in the final phase of construction and are getting ready for the 2025 Hyundai IONIQ 5 to roll off the line," said Oscar Kwon, the new plant's CEO. "It's the ideal vehicle for us to start production with."
The plant was initially expected to open in 2025. But the company accelerated construction to take advantage of federal incentives that reward domestic production of EVs.
The announcement that new IONIC 5 vehicles will be manufactured in Georgia came before the 2025 model has been shown to the public. The electric SUV model launched in 2022, and Hyundai said this year's sales of the model have jumped 43% compared to last year.
It's unclear how many people will work at the plant when production begins, but Hyundai has said the facility will ultimately employ 8,500 and produce 300,000 EVs per year.
The plant is the largest economic development project in Georgia's history. It came with a whopping incentive package, with state officials and local governments offering USD 2.1 billion in tax breaks.
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