Georgia to get $7 bln Hyundai EV investment - sources

STORY: Hyundai Motor Group will invest more than $7 billion in Georgia.

That is the announcement due to be made by state Governor Brian Kemp Friday (May 20), according to sources.

They said the South Korean auto group will build a plant to make electric vehicles in south Georgia.

The automaker - home to Hyundai and Kia - declined to comment.

Kemp’s office said Wednesday (May 18) it would make a "special economic development announcement" in Savannah on Friday.

Local media reported the investment would create more than 8,500 jobs.

It comes as U.S. President Joe Biden visits South Korean capital Seoul.

National Security Adviser Jake Sullivan said Biden is due to talk with technology and manufacturing leaders in the country.

Hyundai group said last year it planned to invest more than $7 billion in the U.S. by 2025 to make EVs.

The carmaker also said it would invest $16 billion in South Korea through 2030 to expand the production capacity of EVs.

It aims to produce 1.44 million vehicles per year in its home country by the end of the decade .