Hyundai Motor Group, one of the world’s largest automakers, has secured a $5 billion deal to build a new electric vehicle battery production facility in the United States. The announcement was made on February 10, 2021, and marks a significant milestone for the South Korean company as it seeks to expand its presence in the rapidly growing electric vehicle market.
The new facility will be built in collaboration with SK Innovation, a South Korean battery manufacturer, and will be located in the state of Georgia. The plant is expected to begin production in 2022 and will have an annual capacity of 10 GWh, which is enough to power approximately 150,000 electric vehicles.
The decision to build the new facility in the United States is part of Hyundai’s broader strategy to increase its production of electric vehicles and reduce its reliance on fossil fuels. The company has set a target of selling one million electric vehicles per year by 2025 and plans to invest $87 billion in research and development over the next five years to achieve this goal.
The new battery production facility will also create thousands of jobs in the United States, including positions in manufacturing, engineering, and research and development. This is welcome news for the American economy, which has been hit hard by the COVID-19 pandemic.
Hyundai’s decision to partner with SK Innovation is also significant. SK Innovation is a leading battery manufacturer and has already secured contracts with several major automakers, including Volkswagen and Ford. By partnering with SK Innovation, Hyundai will have access to cutting-edge battery technology and will be able to compete more effectively with other automakers in the electric vehicle market.
The new battery production facility will also help to address one of the biggest challenges facing the electric vehicle industry: the availability of batteries. As demand for electric vehicles continues to grow, there is a risk that there will not be enough batteries to meet this demand. By building its own battery production facility, Hyundai will be able to ensure a reliable supply of batteries for its electric vehicles and reduce its dependence on third-party suppliers.
In conclusion, Hyundai’s $5 billion deal to build a new battery production facility in the United States is a significant development for the company and the electric vehicle industry as a whole. The new facility will create jobs, increase production of electric vehicles, and help to address the challenge of battery availability. It is also a clear indication that Hyundai is committed to investing in the future of electric vehicles and reducing its reliance on fossil fuels.
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