Hyundai has reaffirmed its commitment to the electric vehicle battery plant in Georgia, contradicting recent internet rumors suggesting a project cancellation. The company is expanding its investment significantly, signaling robust growth and dedication to the U.S. market.
At a recent CEO Investor Day, Hyundai announced a comprehensive expansion, committing an overall investment of $26 billion over three years. Remarkably, this plan goes beyond the Georgia plant and reflects a broader strategy for global growth.
Hyundai’s ambitious plans include a $5 billion battery joint venture in Cartersville, Georgia, expansions to the Kia Corp. plant in West Point, Georgia, a new steel mill in Louisiana, and a robotics hub and further expansion of the Montgomery, Alabama plant. These measures underscore Hyundai’s intent to fortify its presence in the U.S. and optimize manufacturing processes.
Moreover, Hyundai addressed tariff-related challenges, noting a current 25% tariff rate that impacts profitability, particularly since only 40% of its U.S. sales are manufactured domestically. The company aims to restore its operating profit margin to approximately 9% by 2030.
In terms of product expansion, Hyundai is set on accelerating its production at the Ellabell Georgia “Metaplant.” Planned production includes 500,000 vehicles annually, including hybrid and electric models, the introduction of a midsize truck, 18 global hybrid models, and several U.S.-specific offerings. This plan reflects Hyundai’s strategic push for electrification and innovation.
The roadmap to Hyundai’s future endeavors includes significant milestones leading up to 2030. This timeline highlights a mix of revenue growth, operating profit adjustments, and a stepwise introduction of new hybrid and electric vehicles, alongside advancements in software-defined vehicle platforms.
By 2028, Hyundai aims to expand its American plant capacity to 500,000 hybrid and EVs annually, creating 3,000 new jobs. By 2030, the goal is set to achieve global sales of 55.5 million vehicles, including the introduction of its first midsize pickup truck.
These developments reemphasize Hyundai’s strategic vision for electrification and its robust commitment to manufacturing expansion in the U.S. Following an ICE raid at the Georgia plant, former President Trump remarked on his Truth Social platform that the U.S. should embrace foreign workers, inspired by practices in other high-tech industries.
This announcement echoes Hyundai’s dedication to advancing electrification and underscores its plans for substantial growth and job creation in the United States.