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.
Writing is a medium to express feelings and convey facts. A creative mind never rests in peace and this amazing platform gives me the freedom to write about what I like most.
I’ve been a writer/blogger for the last twelve years and have covered technology-related topics. However, I also have considerable years of experience in writing for various domains – Technology, Beauty, Fashion, Pharmaceutical, human psychology etc. Technology is my forte.
I’ve handled many interesting projects. Writing is my passion. As an author, I’ve learned a lot in my long journey of penning down my thoughts!
After discussions with the government, Premier League clubs have agreed to stop sponsoring their front…
Analysts reported that Novatek, a Russian natural gas producer, acquired Shell's stake in the Sakhalin-2…
The electric drivetrain of the next generation for Volkswagen's "ID" has been unveiled. Family EV.…
According to research, global egg prices are expected to remain at an all-time high until…
Ohme becomes Audi's Official UK Smart Charger Partner Ohme has been selected as Audi's new…
GM Ventures has signed a strategic agreement to develop EnergyX's lithium extraction and refinery technology,…