Hyundai to open U.S. electric vehicle plant

STORY: Hyundai is planning a new electric vehicle manufacturing plant in the U.S. - with discussions about building a facility in Georgia near the South Korean's automaker's existing plants.

The plant could serve both the Hyundai and Kia brands as they roll out fully electric SUVs aimed at the U.S. market, three people with knowledge of the plans told Reuters.

Hyundai confirmed it would announce the plans soon.

The Biden administration has been pushing for more investment in EV production and related suppliers to create jobs and drive a clean-energy agenda.

It says it will allocate more than $3 billion in infrastructure funding - to help make good on its pledge for half of vehicles sold in the United States to be electric by 2030.

In April, Hyundai announced a $300 million investment to manufacture all-electric and hybrid vehicles at its Alabama plant.

President Biden is set to travel to South Korea on May 20 for meetings with incoming president Yoon Suk-yeol, an advocate of steps to shore-up bilateral ties.

Sources say Hyundai had been working to announce its U.S. investment in EV manufacturing to coincide with the trip.

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