Georgia Tech and Hyundai Motor Group have forged a new alliance by inking a memorandum of understanding. The collaboration aims at innovating and researching areas pivotal for the future of sustainable mobility. The partnership will emphasize a hydrogen economy, workforce progression, and the evolution of cities toward more sustainable solutions.
Why It Matters
This joint endeavor signifies a notable step towards cleaner and sustainable transportation and energy solutions. It marks Hyundai‘s continued commitment to Georgia, strengthening the state’s position as a hub for tech innovation and sustainable development.
Key Points
- Hyundai Motor Group will be investing a whopping $12.6 billion in electric vehicle (EV) and battery manufacturing in Georgia.
- The investment breakdown includes the Hyundai Motor Group Metaplant America in Bryan County with a cost of $7.59 billion, expected to generate over 8,500 jobs.
- Another $5 billion will fund a battery production facility, a joint venture with SK On, in Bartow County, which will provide jobs for approximately 3,500 individuals.
- Georgia Tech’s proximity played a significant role in determining these facility locations.
- Hyundai’s previous endeavors in Georgia include the establishment of the Kia Georgia’s West Point assembly plant in 2009.
- An insightful study from the Center for Automotive Research highlighted that in 2021, Hyundai Motor’s automotive operations injected a staggering $20.1 billion into the U.S. economy, supporting 190,000 jobs.
- With Hyundai’s further investments in Georgia, the prediction is the creation of nearly 40,000 jobs, resulting in annual individual earnings of about $4.6 billion.
- Both parties have expressed enthusiasm about the collaboration. Georgia Tech President Ángel Cabrera and Hyundai Motor Company’s CEO Jay Chang highlighted the alignment of values between the institutions and Hyundai’s commitment to a sustainable future.
Bottom Line
Georgia Tech and Hyundai Motor Group’s collaboration signifies a transformative shift in sustainable mobility, economic development, and job creation. The partnership boosts Georgia’s economic outlook and establishes the state as a key player in the sustainable mobility industry.
