Hyundai could get $2.1 billion in aid to make electric cars in Georgia
Georgia will give Hyundai Motor Group a projected $2.1 billion in tax breaks and other incentives to build electric cars and batteries in the state
SAVANNAH, Ga. — The state of Georgia and local governments are on track to give $2.1 billion in tax breaks and other incentives to Hyundai Motor Group after the South Korean automaker and a partner announced last month that it will invest an additional $2 billion at an electric vehicle complex it's building in Georgia.
Associated Press calculations show projected incentives will rise by more than $290 million from the $1.8 billion deal originally announced last year. Only $2.75 million of that represents additional cash from the state. The rest will come from increases in tax breaks.
The deal calls for Hyundai and battery maker LG Energy Solution to invest $7.6 billion in the Georgia plant and hire 8,500 workers by the end of 2031. That's up from the original job projection of 8,100 at the sprawling electric vehicle and battery complex being built in Ellabell, west of Savannah.
It’s the largest economic development deal in Georgia history, and comes with the largest incentive package.
State leaders say benefits to Georgia outweigh the incentives. Economic Development Commissioner Pat Wilson said Hyundai is projected to have a direct payroll of $4.7 billion over the next 10 years. The company has promised to pay workers a yearly average of $58,105, plus benefits.
“As we work together to deliver a state-of-the-art facility in Bryan County that will provide well-paying jobs to Georgians, we know Hyundai Motor Group will give back to the region, investing in our schools, families, and communities, and we are grateful for those planned investments," Wilson said in a statement
Read more on abcnews.go.com
