Hyundai shares rose amid news of a $7 billion U.S. EV factory project


Shares of Hyundai Motor rose on Friday after it was announced that the South Korean domestic car conglomerate would commit to investing $7 billion in the United States to add an electric vehicle production plant in Georgia which houses the factory car from Kia Corp., during the visit of US President Joe Biden to Seoul on May 20. -21.

Hyundai Motor Group is in talks with the White House over the plan that could create 8,500 new jobs in Georgia, The Associated Press reported Thursday (local time).

Shares of Hyundai Motor were trading up 2.49% at 185,000 won in Seoul as of 10:15 a.m. Friday, and Kia was unchanged at 86,300 won.

The Atlanta Journal-Constitution (AJC) also confirmed the report, saying Hyundai Motor Group and Georgia state officials are expected to formally announce plans for a new electric vehicle plant near Savannah next week.

Hyundai Motor Group has yet to confirm the news from home.

The new plant would be built in Bryan County, near eastern Savannah. The Georgia Department of Economic Development acquired a 2,274-acre site there for $61 million in May last year.

Earlier, Reuters also reported that the Korean auto group and Georgia state officials held meetings to discuss a new auto plant in the state to produce electric vehicles based on its dedicated proprietary platform. to E-GMP electric vehicles. The new plant will produce Hyundai Ioniq 7 and Kia EV9 all-electric SUVs targeting the North American market, he added.

Hyundai Motor Group established the Alabama plant for Hyundai Motor in 2006 and the Georgia plant for Kia in 2009. Kia’s Georgia plant currently produces only conventional combustion engine models. The new Georgia EV facility could be responsible for new electric vehicles from Hyundai and Kia.

By impulse

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