Hyundai is all set to invest in a new plant in Georgia. This deal will be a $5.5 billion investment. It is said that this is the biggest economic development deal in Georgia. This investment of the South Korean automaker will get a grant of $1.8 billion from the state of Georgia. This grant will be in the form of tax breaks and incentives. The new plant will hire 8,100 workers. It will raise the employment opportunities for the state.
Hyundai is planning to expand its operations, and they want to set up new plants worldwide. Recently, Hyundai announced its new factory in South Korea. It will be the first factory in the origin country after almost 30 years. It will be the second EV factory for the automakers. The first one is the Georgia factory. However, Hyundai has some big plans for the future of EVs. Read more about the expansion in this article.
More details on the Hyundai Georgia plant
Hyundai plans to expand, and they want to produce more than 300,000 vehicles per year in 2025. The new Georgia factory will produce electric vehicles and batteries for them. This factory will be the first electric vehicle factory of, Hyundai. This huge investment will create many employment opportunities with the potential of hiring 8,100 workers. Not only these 8,100 workers will get benefits out of this new factory, but more people in the state will enjoy it. It will create more demand for resources, improving the state’s economic health. This is the biggest and the largest investment project by any company in Georgia.
What will the state of Georgia offer Hyundai in return for this enormous investment?
Georgia announced a grant of $1.8 billion for Hyundai. This grant by the state of Georgia is the largest subsidy offered by the United States in the automotive industry. The state is offering this grant as tax breaks, subsidies, and incentives. Well, the state government and the local government spent $86 million on purchasing the plant. Additionally, the state government is planning to spend $200 million on the construction of the roads. Moreover, they will help in providing the funds for equipment and machines.
Georgia is open to investment opportunities. They are providing enormous incentives and rebates to companies that are starting their factories in the state of Georgia. Therefore, Georgia even provided subsidiaries to Kia, SK innovations, and other electric equipment producing companies.