Hyundai Motor Set To Open New EV Facility In Georgia, US: Reuters

  • Hyundai Motor Company HYMTF is planning a new electric-vehicle manufacturing plant in the U.S., Reuters reported.
  • The company has held discussions with officials in Georgia, the report further noted.
  • When finalized, the Georgia facility would serve both Hyundai and Kia for their fully electric SUVs, the Ioniq 7 and EV9, aimed at the U.S. market.
  • "We are excited to announce a new EV plant plan in the United States soon, but we do not have details to share at this stage," Hyundai Motor said in a statement to Reuters.
  • Hyundai announced a $300-million investment last month to manufacture the all-electric Genesis GV 70 and a hybrid version of the Santa Fe at its Alabama plant.
  • The plan comes at the time when U.S. President Joe Biden's administration said it would set aside more than $3 billion in infrastructure funding to finance EV manufacturing.
  • Price Action: HYMTF shares closed lower by 0.27% at $36.45 on Friday.
  • Photo Via Wikimedia Commons

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