Hyundai Motor Group’s Metaplant America (HMGMA) in Georgia will likely boost its electric vehicle (EV) sales in the United States.
Hyundai Motor Group is investing $7.59 billion in HMGMA. The plant is estimated to generate 8,500 jobs directly. The Asian car company is also building a $5 billion EV battery cell plant with SK ON in Georgia, which is expected to employ 3,500 workers. A study by the Center for Automotive Research estimated that Hyundai’s investments in Georgia will create about 40,000 jobs and result in $4.6 billion in individual earnings per year.
Hyundai Motor Group was second in EV sales last year thanks to its Hyundai and KIA brands. The South Korean car manufacturer came in second to Tesla and beat top automakers like Ford and General Motors in the United States. Hyundai shared that its focus on affordable and compact electric vehicles helped its EV sales in the United States.
HMGMA could help Hyundai retain its spot as the second top-selling EV automaker in the United States. The Georgia-based plant would make Hyundai’s EVs more affordable as they would likely qualify for the Inflation Reduction Act’s (IRA) full $7,500 tax credits. HMGMA-produced electric vehicles will gain IRA points for being assembled in the United States and using locally produced battery cells from SK On.
Hyundai Motor Group announced that the official start of production at its Metaplant America has been moved up to the fourth quarter of 2024. Previously, the South Korean automaker estimated that the start of production at HMGMA would be in the first quarter of 2025. Now, it plans to hold a grand opening celebration by the first quarter of next year.
“2024 is going to be a great year for HMGMA. This is the largest economic development project in Georgia’s history, and we have been moving at a rapid speed. Completing a project of this scale on this timeline has been a challenge, but our team has delivered amazing results.
“We owe a lot of this to the hard work of our Meta Pros and the continued support and cooperation of our state and local partners, including the Savannah Harbor-Interstate 16 Joint Development Authority,” said Oscar Kwon, HMGMA President and CEO.
Hyundai made the announcement during an event that celebrated its positive impact on the State of Georgia. During the event, the General Assembly passed a Resolution, making February 26. 2024 Hyundai Day
“For decades, Hyundai Motor Group has been an incredible partner to our state, and we knew exactly what kind of historic benefits a project like this would bring to hardworking Georgians when we first began talks with HMG,” said Governor Brian Kemp.
If you have any tips, contact me at maria@teslarati.com or via X @Writer_01001101.
