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Tesla Rival Plans to Build New U.S. Electric Vehicle Plant

Rivals of electric vehicle leader Tesla (TSLA) - Get Tesla Inc Report are planning to ramp up production despite worldwide shortages of semiconductors and supply chain, logistics and production disruptions. Covid-19 lockdowns have impacted production in China for Tesla and its rivals such as Volkswagen, Toyota, Nio (NIO) - Get NIO Inc. (China) Report and Li Auto. Tesla in April delivered just over 1,500 vehicles from its Shanghai Gigafactory, according to the China Passenger Car Association. It delivered over 65,800 in March. Nio reported a 28.5% decline in April deliveries compared to the same month in 2021. Li Auto said its April deliveries were 24.7% lower than the same month in 2021. But EV manufacturing plants in the U.S. have been open and operating while the China lockdowns have continued. Elon Musk in April opened Tesla's new factory in Austin, Texas, marking the company's second U.S. plant. It also opened its Berlin Gigafactory in Germany in March. Ford (F) - Get Ford Motor Company Report on April 26 began production of its F-150 Lightning electric pickup truck. General Motors (GM) - Get General Motors Company Report in April resumed production of its Chevy Bolt and in March started production of the Cadillac Lyriq EV. Lucid (LCID) - Get Lucid Group, Inc. Report, which launched an expansion of its Casa Grande, Ariz., plant in November 2021, plans to produce 12,000-14,000 EVs by the end of 2022. New Electric Vehicle Plant Coming to Georgia South Korean automaker Hyundai Motor Co. has met with Georgia state officials about building a new EV plant in the Peach State, people with knowledge of the talks told Reuters on May 9. The company's auto plant in Georgia would be located along I-16 in Bryan County near Savannah, Ga., and would employ about 8,500 people, sources told the Atlanta Journal-Constitution. Hyundai's plans to build its second plant in Georgia comes on the heels of Rivian's December announcement that it plans to build its second U.S. plant in Georgia. That is slated to be a $5 billion project featuring a carbon-conscious campus east of Atlanta in Morgan and Walton counties. Rivian said its plant would employ about 7,500 workers and would produce up to 400,000 vehicles per year. Construction on the Rivian plant is expected to begin in summer 2022, with EV production beginning in 2024. "We are excited to announce a new EV plant plan in the United States soon, but we do not have details to share at this stage," Hyundai said in a statement released to Reuters. Producing SUV EV Models The new manufacturing plant is expected to manufacture EVs for both Hyundai and its Kia affiliate, including SUV models Ioniq 7 and EV9, which will be sold in the U.S., Reuters reported. Hyundai might make an official announcement around the same time as President Joe Biden's visit to Seoul later this month. Hyundai in April dedicated $300 million to manufacture an all electric Genesis GV 70 and a hybrid version of its Santa Fe SUV at its Alabama factory. Kia previously said that it plans to have 14 EV models by 2027, while Hyundai said it will have 17 models by 2030. SK Innovation battery unit SK On, which is Hyundai's battery supplier, has built two adjacent battery plants in Georgia. SK On reportedly will supply the battery for the Ioniq 7, a source told Reuters.

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