Summary
Hyundai’s Georgia EV plant attracts its 18th supplier, Shinsung Petrochemical
Shinsung Petrochemical will invest $11.2 million in a new manufacturing facility in Toombs County
The new facility will create over 30 new jobs and is the first in Toombs County
Hyundai’s plant will create over 58,200 new jobs and attract $12.6 billion in investments
Hyundai’s updated 2025 IONIQ 5 will be the first model produced at the facility, with a Tesla NACS charging port
Article
Hyundai’s new $7.6 billion electric vehicle plant in Georgia has attracted its 18th supplier, Shinsung Petrochemical, which will be investing $11.2 million in a new manufacturing facility in Toombs County. The plant is set to open as early as next month and will produce US-made Hyundai electric vehicles, starting with the updated 2025 IONIQ 5. Governor Brian Kemp of Georgia announced this new investment, highlighting the importance of suppliers like Shinsung in building a strong supply chain for Hyundai’s Metaplant in Bryan County. This new facility will create over 30 new jobs and is the first in Toombs County, contributing to the overall goal of creating 8,500 jobs in the state.
Hyundai’s investment in Georgia is part of a larger trend of EVs creating jobs and attracting investments in the state. Since 2018, over $28 billion has been invested in electric vehicles, batteries, and other clean energy initiatives, bringing about 36,000 new jobs. Hyundai’s plant is expected to bring even more opportunities, with a Center for Automotive Research study projecting over 58,200 new jobs and $12.6 billion in investments in Georgia. The company is set to open the new facility as early as October, with the first model to roll off the assembly line being the updated 2025 IONIQ 5, featuring more range, a sleek design, and a Tesla NACS charging port. Hyundai will also launch its first three-row electric SUV, the IONIQ 9, from the facility.
Initially, vehicles manufactured at the Georgia plant will only be eligible for a partial $3,750 tax credit, but Hyundai anticipates that its US-made EVs will qualify for the full $7,500 tax credit once the battery unit is operational. The 2025 IONIQ 5 has gained a new XRT variant aimed at those looking to have all-electric adventures, with enhancements like XRT-exclusive front and rear bumpers and side skirts. Hyundai is positioned to compete in the US electric vehicle market, having surpassed Ford and GM in sales in the second quarter. Hyundai Motor, including Kia, accounted for 10% of US electric vehicle sales in Q2, outpacing Ford and GM’s market share. With upcoming US production and advanced new EVs in the pipeline, Hyundai is poised to increase its market share further.
In addition to Hyundai’s plant, another $5 billion EV battery plant with SK On is being built in Bartow County, GA, creating an additional 3,500 jobs. This investment in battery production infrastructure is crucial for the EV ecosystem, as it will support the growing demand for electric vehicles in the market. The electrification of transportation is a key focus for many automakers, and having a robust supply chain and local production facilities is vital for competitiveness in the EV market. By establishing strong partnerships with suppliers and investing in US manufacturing facilities, Hyundai aims to strengthen its position in the evolving electric vehicle industry and meet the growing demand for environmentally friendly transportation options.
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