According to the signed agreement disclosed, the state of Georgia and local governments are giving 1.8 billion dollars in tax breaks and several other incentives to Hyundai Motor Group in exchange for the automobile company building its first plant in the United States for electric vehicles near Savannah.
The deal calls for Hyundai to invest 5.5 billion dollars in Hyundai’s Georgia plant and hire 8,100 workers. It is the largest economic development deal in the history of the state and comes just after Georgia has closed another major deal with electric vehicle producer ‘Rivian’ to build a factory in the state.
Pat Wilson, economic development commissioner of Georgia, said not only do these generations solidify their spot at the vanguard of the electric vehicle transition, but they also ensure that thousands of people across the state will possibly benefit from jobs of the future.
Governor Brian Kemp and Hyundai announced the deal in May 2022 with a champagne toast at the sprawling 2,900 acre project site in Bryan County. Hyundai is planning to start construction on the plant in 2023 and start producing around 300,000 vehicles per year in 2025, and the new factory will also produce vehicle batteries.
The 1.8 billion in incentives is easily the biggest subsidy package a state of the US has ever promised for an automobile plant.
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