Hyundai has figured out where to build its new electric car factory. Accordingly, the first wick for Hyundai and Tesla competition was ignited.
Electric cars, which increased in popularity with Tesla, caused all brands to turn to this new goal instead of gasoline cars. Hyundai, one of these brands, has decided to make a new investment in the US state of Georgia. However, the US factory will be in an important position for Hyundai electric car (EV) production. Because the South Korean brand is looking to produce both electric cars and batteries in this factory. In this sense, Hyundai is preparing to enter a great competition in the US market with Tesla.
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In the US electric car market, Tesla continues to be the clear leader. In this way, Hyundai is preparing to challenge the company, one of the most valuable automobile brands, by opening a factory in the USA. The button was pressed for the investment, which became official during US President Joe Biden’s visit to South Korea.
According to the first information, Hyundai will invest $ 5.5 billion for electric car production and battery factory. The giant brand aims to receive $ 1 billion investment from suppliers for this factory.
Hyundai plans to begin factory construction on 2923 acres of land in 2023. Within the framework of this plan, the first production will take place in the first half of 2025. Hyundai plans to produce 300,000 electric cars a year at the factory.
Tesla is in a very strong position in the US market. The reaction of Elon Musk, who recently criticized the Biden administration for ignoring Tesla, after this move is a matter of curiosity. In 2025, when the factory will go into production, it is expected that the US market will be marked by Hyundai and Tesla competition.
Hyundai has previously announced plans for electric cars. According to these plans, the brand plans to develop 17 electric car models by 2030. 11 of these models will be produced with the main brand of Hyundai. The remaining six EV models will be launched under Hyundai’s luxury brand Genesis.
Hyundai CEO Jaehoon Chang previously announced that they have allocated $ 16.08 billion for EV production. Chang did not share details for the 17 electric car models to be produced. However, three of them will be sedans, six will be SUVs and one will be light commercial vehicles. However, Chang also announced that they will produce one unique new type of electric vehicle.
