Hyundai to invest $5.5 billion to build EVs and batteries in Georgia

URLhttps://www.cnbc.com/2022/05/20/hyundai-to-invest-
SourceCNBC
Date Published05/20/2022
Author NameMichael Wayland
Mentions specific company case(s) of reshoring, kept from offshoring, or transplantYes

Additional Reshoring Information:

Company/Division name Hyundai Motor Co
Parent companyHyundai Motor Company
Type of work Manufacturing
Reshoring category:Foreign Direct Investment
Total number of jobs (added or to be added):8100
Number of manufacturing jobs outsourced domestically:8100
What product(s) and/or service(s) were outsourced domestically?Manufacturing
Year reshoring announced:2022
Year reshoring implemented or to be implemented:2025
Domestically, the work will be done:In-house
Capital investment ($):5540
Country(ies) from which reshored:Korea, Republic of
City reshored to:Savannah
State(s) reshored to:GA
If relevant, work nearshored to:-
Industry(ies):Electrical Equipment, Appliances & Components, Transportation Equipment
Product(s) reshoredelectric vehicle and battery manufacturing
What non-domestic negative factors made offshoring less attractive?Supply chain interruption risk/Natural disaster risk/Political instability
What domestic positive factors made reshoring more attractive?Eco-system synergies, Raw Materials Cost, Skilled workforce availability/training
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