Will Another EV Plant Be Built in Canada? Hyundai is Considering
September 03 2023,
The Hyundai Motor Group announced that Canada is on its list for future growth in the EV market. However, the decision isn’t final. There are still a few considerations to be taken by the South Korean automaker.
First Hyundai Metaplant in Georgia
The company’s vision is to increase its EV business in the next decade exponentially, and it is breaking ground in the USA. The Hyundai Group Metaplant America (HMGMA) LLC is currently under construction in Bryan County, Georgia.
The automaker and its affiliate suppliers have invested $5.54 billion to build a 2,923-acre mega site consisting of a dedicated electric vehicle battery giga-factory and an EV factory. We expect commercial production to kick off in the first half of 2025.
If everything goes as planned, we can anticipate the Hyundai Motor Group’s electric vehicles rolling off the production line as soon as the third quarter of 2024. This is excellent news for Georgians as this endeavour will create 8,100 new jobs. The company expects an annual capacity of 300,000 units (Q1 2025), with an even higher volume at an impressive 500,000 units from Q3 2024.
Why Would Canada Be a Good Choice?
At present, the Hyundai Motor Group is Canada’s highest-volume vehicle manufacturer, with its Genesis luxury lineup and Kia as its other brands. However, the automaker doesn’t have a considerable manufacturing footprint in Canada. The company sold 186,566 units (112,559 Hyundai, 68,258 Kia, and 5,749 Genesis) in 2022 in the country.
The Hyundai Motor Group’s new and innovative 2023 EVs and more 2024 models set to debut later this year will likely lead to even higher sales in the years ahead. This is good news for Canadians, as it’ll improve the country’s chances of being part of this exciting opportunity.
