Georgia Tech and Hyundai Motor Group Sign MoU for Future Mobility Collaboration

• The partnership will focus on sustainable mobility, hydrogen economy, and workforce development
• Hyundai Motor Group is investing more than $12 billion in EV manufacturing and battery production in Georgia
• Hyundai's economic impact in Georgia will be tens of billions of dollars in the years to come and will help create nearly 40,000 jobs
• Collaboration builds upon Hyundai Motor Group's long history in Georgia

ATLANTA, Sept. 20, 2023 /PRNewswire/ -- Georgia Tech and Hyundai Motor Group (the Group) today signed a memorandum of understanding to collaborate on research and applications to support the future of sustainable mobility, including developing a hydrogen economy, workforce development, and making cities smarter and more sustainable, among many other areas of cooperation.

The Group is investing $12.6 billion in new dedicated electric vehicle and battery manufacturing facilities in Georgia. The investment includes the $7.59 billion Hyundai Motor Group Metaplant America (HMGMA) site in Bryan County, Georgia that will create more than 8,500 direct jobs and the $5 billion battery manufacturing facility joint venture with SK On in Bartow County, Georgia that will employ approximately 3,500 people. The proximity of these facilities to Georgia Tech was one of the important considerations in deciding their locations.

The collaboration with Georgia Tech builds upon the Group's long history in Georgia. The Kia Georgia's West Point assembly plant, established under the leadership of Honorary Chairman Mong-Koo Chung and Executive Chair Euisun Chung, began vehicle production in 2009. University System of Georgia Chancellor Sonny Perdue, participating in the HMG-Georgia Tech MOU ceremony, was the Governor of Georgia at the time of the Kia Georgia plant's opening.

Also, a recent study by the Center for Automotive Research reveals that Hyundai Motor's automotive operations contributed $20.1 billion and 190,000 jobs to the U.S. economy in 2021 alone. According to the study, Hyundai's investments in Georgia are expected to create nearly 40,000 jobs and $4.6 billion in individual earnings every year.

"Like Georgia Tech, Hyundai is a global brand that is synonymous with quality, innovation, and a commitment to advancing technology to make a positive difference in the world. The more we have gotten to know each other, the more obvious the alignment of our values has become," said Georgia Tech President Ángel Cabrera. "I am grateful for the transformative investments Hyundai is making in our state, and I am proud that the Hyundai brand will feature prominently on our campus. I look forward to working with Hyundai leaders to deepen our partnership as we work to develop exceptional leaders and produce new ideas that will shape the automotive industry and advance mobility in the future."

"Georgia is like a second home to us," said Jay Chang, President and CEO, Hyundai Motor Company. "We are a mission-driven organization with a very compelling point of view about the future. We feel a great responsibility to contribute to a sustainable future where all humankind can have a safe and healthy life while enjoying freedom of movement. On behalf of all of us at Hyundai Motor Group, we are thrilled to create a partnership with Georgia Tech that includes research and applications to support the future of sustainable mobility, hydrogen economy, workforce development, and smart cities, among many other areas of cooperation. Today is the beginning of a partnership that will last for decades, and this partnership is one of the reasons why we chose Georgia for our EV investments."

"Hyundai's investments in Georgia will create tens of thousands of jobs and bring tens of billions of dollars in economic impact for decades to come," said José Muñoz, President and Global COO of Hyundai Motor Company, and President and CEO of Hyundai and Genesis Motor North America. "Proximity to institutions like Georgia Tech was one of the many reasons Hyundai selected Georgia for our new EV manufacturing facility.

Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel and construction, as well as logistics, finance, IT and service. With about 250,000 employees worldwide, the Group's mobility brands include Hyundai, Kia and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all.

More information about Hyundai Motor Group can be found at:

http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Media Center (kianewscenter.com), Genesis Media Center