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Subsidy Tracker Individual Entry

Company: Hyundai Motor Group
Parent Company: Hyundai Motor
Subsidy Source: multiple
Location: Georgia
County: Bryan
Project Description: EV manufacturing plant
Year: 2022
Major Industry of Parent: motor vehicles
Specific Industry of Parent: motor vehicles
Subsidy Value: $2,100,000,000
Subsidy Value in 2023 Dollars: $2,186,628,042
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
MEGADEAL

Number of Jobs or Training Slots: 8,500
Wage Data: $58,105
Wage Data Type: average salary; additional benefits apply
Capital Investment: $7,600,000,000
Source of Data: The subsidy breakdown was taken from: Jeff Amy and Russ Bynum, "Higher investment means Hyundai could get $2.1 billion in aid to make electric cars in Georgia", AP News, Sept. 13, 2023: (click here). For the info on the original 2022 announcement see: Michael E. Kanell, J. Scott Trubey and Zachary Hansen, "Hyundai incentives may top $1.8B," The Atlanta Journal-Constitution, July 23, 2022, via LexisNexis.
Notes: In 2022, Hyundai and LG Energy Solution, a battery maker, announced $5.5 billion investment and 8,100 jobs in an electric vehicle manufacturing plant near Savannah, Georgia; in 2023 the company announced an increase in the investment by $2 billion and job creation promises by 400. The state and local package includes (after the increase in investment and jobs): tax breaks ($669 million in local property tax abatements, $478 million in state sales tax exemptions on machinery purchases, $223 million in state income tax breaks via the Mega jobs tax credits); infrastructures improvements and site preparation ($112 million from state and local governments to buy and prepare the site; $210 million for road upgrades; $175.6 million for water and sewer upgrades, $53 million state grant for project development); and $153 million for workforce recruitment and development. Jobs must be created by 2031; clawbacks are set at 80% of promised jobs. Overlaps with main data: none.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.