MONTGOMERY, Ala. (AP) — A Korean automotive parts company plans to open a $205 million factory that will supply 200,000 battery modules annually for electric vehicles produced in Alabama and Georgia, officials said Thursday.
The 450,000-square-foot (41,800-square-meter) factory planned by Hyundai Mobis will be located near Alabama's capital at the site where Hyundai has been assembling vehicles for more than a decade. Production of battery assemblies is expected to start in 2024, the company said.
Hyundai announced plans earlier this year to produce the all-electric Genesis GV70 luxury SUV and a hybrid electric version of the Santa Fe SUV at the assembly plant. Besides making battery modules for the Alabama factory, the facility will supply a Kia plant in west Georgia, according to an announcement from Alabama Gov. Kay Ivey's office.
A Hyundai Mobis executive said the new battery factory is crucial to the company's plan to expand production around the world.
“As the EV market continues to grow, having a strong production capacity will be key in allowing Hyundai Mobis to see continued growth in the market,” said a statement by H.S. Oh, vice president of Hyundai Mobis' electric powertrain business.
Construction will begin as early as December, and the plant will eventually create 200 jobs.
Based in Seoul, South Korea, Hyundai Mobis is a longtime supply partner for Hyundai Motor Co. and its Kia and Genesis affiliates.