Hyundai says new U.S. EV plant could begin production in 2024, produce 500,000 vehicles annually

SAVANNAH, Georgia Oct 25 (Reuters) – Hyundai Motor Co (005380.KS) global chief operating officer Jose Munoz on Tuesday said the automaker’s new $5.54 billion Georgia electric vehicle and battery plant could begin production in 2024 and eventually produce 500,000 vehicles annually.

Korea’s largest automaker broke ground on the new plant west of Savannah that is scheduled to begin producing vehicles in January 2025 and build 300,000 vehicles annually. Munoz told reporters the plant will produce five or six models and could begin building vehicles as early as the third quarter of 2024.

“This plant is ready to get up to 500,000 (vehicles annually) if the demand is there,” Munoz said.

Reporting by David Shepardson; Editing by Mark Porter