Hyundai Motor Group to invest $5.5 billion to build EV, battery facilities in U.S

FILE PHOTO: The 2019 Hyundai Kona Electric vehicle is displayed at the New York Auto Show in the Manhattan borough of New York City, New York, U.S., March 28, 2018. REUTERS/Brendan McDermid

WASHINGTON/SEOUL (Reuters) -South Korea's Hyundai Motor Group said on Friday it plans to invest about $5.54 billion to build its first dedicated full electric vehicle (EV) and battery manufacturing facilities in the United States.

Hyundai will break ground on its new facility in Georgia in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 EV units, the company said in a statement.