Deal for $5.5 Billion Hyundai Plant in Georgia Nears Final Approval
FILE – The Hyundai company logo hangs over a long row of cars at a car dealership. (AP Photo/David Zalubowski, File)
In addition to Hyundai’s existing manufacturing plant in Montgomery, the company hopes to build a $5.5 billion electric car plant in Georgia.
The economic development agency that is working with Georgia officials to build the plant near Savannah has approved its portions of the deal, though details of tax breaks and other incentives have yet to be disclosed.
The joint development authority that voted to enter the deal represents four southeast Georgia counties that will give up hundreds of millions in taxes in exchange for at least 8,100 jobs Hyundai has promised to create. Officials said they won’t release details of the incentives package until the state and Hyundai finalize the deal, possibly later this week.
Georgia Gov. Bryan Kemp called the project the largest economic development deal in Georgia’s history when it was announced two months ago in Bryan County, where Hyundai plans to build the company’s first U.S. plant dedicated to electric vehicles.
Hyundai’s plant in Montgomery, which opened in 2005, builds the gas-powered Elantra sedan, the Santa Fe and Tucson SUVs and the Santa Cruz.
The automaker plans to start construction in Georgia next year and begin producing up to 300,000 vehicles per year in 2025.
Kia, a subsidiary of the Hyundai Motor Group, has an assembly plant in West Point, Georgia, which is near the Alabama state line, just off of Interstate 85.
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