HYMLY Hyundai Motor (PK)

By Stephen Nakrosis

Hyundai Motor Group said Tuesday it broke ground on Hyundai Motor Group Metaplant America LLC's new manufacturing plant at the Bryan County Mega site in the state of Georgia.

The new factory represents an investment of about $5.54 billion and is expected to create about 8,100 jobs over the next few years, the company said. Once operational, the plant is slated to produce a diverse range of Hyundai, Genesis and Kia electric vehicles. The site will also house a new battery manufacturing factory, the company said.

Commercial production is expected to begin in the first half of 2025, and the factory will have an annual capacity of 300,000 units, according to Hyundai Motor Group.

About $1 billion is "anticipated to be invested by non-affiliated HMGMA suppliers in connection with the project in other locations," Hyundai Motor Group said.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

October 25, 2022 16:12 ET (20:12 GMT)

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