Hyundai, SK On Invest $5 Billion in Georgia Battery Plant

URLhttps://www.thomasnet.com/insights/hyundai-sk-on-i
SourceTHOMAS
Date Published12/20/2022
Author NameNolan Beilstein
Mentions specific company case(s) of reshoring, kept from offshoring, or transplantYes

Additional Reshoring Information:

Company/Division name Hyundai Motor Group
Parent companyHyundai Motor Company
Type of work Manufacturing
Reshoring category:Foreign Direct Investment
Total number of jobs (added or to be added):3500
Year reshoring announced:2022
Year reshoring implemented or to be implemented:2025
Capital investment ($):5000
Country(ies) from which reshored:Korea, Republic of
City reshored to:Atlanta
State(s) reshored to:GA
If relevant, work nearshored to:-
Industry(ies):Electrical Equipment, Appliances & Components
Product(s) reshoredelectric batteries
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?Automation/technology, Eco-system synergies, Government Incentives
Government Incentive dollar amount:$7,500 tax credits
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