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Subject: CON

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

ATLANTA, Sept. 19, 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. This 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 close proximity of these facilities to Georgia Tech was an important consideration in choosing the locations.

This collaboration builds upon the Group's long history in Georgia. The Kia Georgia assembly plant began vehicle production in 2009 and was established under the leadership of Honorary Chairman Mong-Koo Chung and Executive Chair Euisun Chung. University System of Georgia Chancellor Sonny Perdue was Governor of Georgia at the time of the Kia plant opening and also attended today's ceremony.

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 in which all humankind can live safely and healthily 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. This is the beginning of a partnership that will last for decades and 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.

Imagine zero emissions hydrogen-powered vehicles here on campus, advanced air mobility shuttling people to Hartsfield International Airport or riding hands-free and stress free in autonomous vehicles during rush hour on I-75 and I-85. Together Georgia Tech and Hyundai have the resources to fundamentally improve how people and goods move. We are thrilled to expand our relationship with Georgia Tech, which will include opportunities for student professional development and cooperative work programs."

"Globally, we are seeing an unprecedented transformation of the mobility sector as companies move to more sustainable and responsible transportation alternatives. Georgia stands at the forefront of that change," said GDEcD Commissioner Pat Wilson. "By placing a strategic focus on building and contributing to an ecosystem that supports sustainable mobility, Georgia continues to add to our industry-leading success, bringing the jobs of the future home to Georgians in every corner of the state. Congratulations to Georgia Tech, Hyundai Motor Group, and all of the partners we are celebrating today."

The elements of the Georgia Tech and Hyundai partnership include:

Hyundai's partnership with Georgia Tech also includes field-naming recognition at Bobby Dodd Stadium, which is now known as Bobby Dodd Stadium at Hyundai Field.

The benefits of the partnership are wide-ranging and substantial for Georgia Tech and the state of Georgia. They include:

About Georgia Tech
The Georgia Institute of Technology, or Georgia Tech, is one of the top public research universities in the U.S., developing leaders who advance technology and improve the human condition. The Institute offers?business, computing, design, engineering, liberal arts,?and?sciences degrees. Its more than 45,000 undergraduate and graduate students, representing 50 states and more than 148 countries, study at the main campus in Atlanta, at campuses in France and China, and through distance and online learning. As a leading technological university, Georgia Tech is an engine of economic development for Georgia, the Southeast, and the nation, conducting more than $1 billion in research annually for government, industry, and society.

About Hyundai Motor Group
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

SOURCE Hyundai Motor Group

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